Beginning in 2008, there is a new Georgia Education Expense Credit that allows taxpayers to take a credit against their Georgia income taxes for amounts contributed to qualifying K-12 student scholarship organizations.  In order to use this new program to increase the amount of financial aid Mill Springs is able to offer families, we are working with the Georgia GOAL Scholarship Program, a state-approved student scholarship organization (SSO).

Under the new law, individual taxpayers receive a tax credit against their Georgia income tax liability for amounts contributed to the GOAL Scholarship Program up to $1,000 ($2,500 in the case of a married couple filing a joint return). Thus, if a married couple owes $10,000 in Georgia taxes, they can contribute $2,500 to GOAL for scholarships at Mill Springs Academy and pay the remaining $7,500 to the state treasury. 

Corporations receive a tax credit for amounts contributed to the GOAL Scholarship Program up to 75% of their Georgia income tax liability.   Presently, this tax credit is only fully available to “C” corporations.  Unfortunately, shareholders of S corporations and members of LLCs and LLPs are subject to the individual tax credit limitations.