What is the Georgia GOAL Scholarship Credit?
In 2008 the Georgia Education Expense Credit became law, allowing taxpayers to take a credit against their Georgia income taxes for amounts contributed to qualifying K-12 Student Scholarship Organizations (SSO).
Under that 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. On May 8, 2013, Governor Deal signed revisions to the legislation into law allowing owners of pass-through entities such as S Corps and LLC's to receive a Georgia income tax credit for up to $10,000. There is additional detail - and a helpful example - regarding the contribution limits for owners of pass through entities in the GOAL Tax Credit Form.
CLICK HERE for the short Georgia GOAL Video.
To make your contribution, please CLICK THIS LINK to be directed to GOAL's online giving portal, or follow these easy steps: