How would you like to tell the state of Georgia where to
spend your tax dollars?
The Georgia Private School Tax Credit program allows Georgia taxpayers to designate tax dollars to specific independent schools in the state. The schools, in turn, utilize these funds to provide financial aid to students and families.
Wesleyan School uses the services of Georgia GOAL to administer this program. Well-respected across the state, you will often hear many in our community refer to the overall program as Georgia GOAL.
Here are some important facts to want to keep in mind as you consider taking advantage of this opportunity:
The state funding cap will be met earlier than ever this year
The state of Georgia allocates $58 million to this program statewide each year. Applications are taken on a first come, first served basis. Once the money is allocated, any remaining applications are denied. For the 2015 tax year, the cap was met in one day.
Our friends at Georgia GOAL are telling us they expect the cap to be met in a matter of hours on January 2, 2016. The line is already forming and applications are already being accepted. Remember, this program is statewide, so there are many taxpayers eager to participate.
If you want to take advantage of this opportunity, it is important that you submit your application as soon as possible. We are advising our community to submit their paperwork to Georgia GOAL no later than December 1.
Individuals, couples, and businesses can participate
The state allows taxpayers to take part in this program at the following maximum credits:
• Single filers – up to $1,000
• Married and filing jointly – up to $2,500
• Individual owner of an S-Corporation, LLC, or Partnership (pass-through entity) – up to $10,000
• C-Corporations – up to 75% of Georgia tax liability
GOAL is a win-win for you and Wesleyan
This is a tax credit program. You tell the state how you want your tax dollars used and you get a tax credit. Once you are notified after the first of the year that you are approved to participate, you have 60-days to fund your contribution. The tax credit can then reduce your tax liability to the state of Georgia the following tax year. Your contribution also qualifies as a charitable deduction on your federal taxes. Wesleyan receives the contributions from the state (you must designate Wesleyan as the recipient school) and this funding goes to support much needed financial aid for our students.
Georgia GOAL is going paperless
The state Department of Revenue and Georgia GOAL have made this year’s application process easier than ever. Streamlined down to one form, you can complete your entire application online by visiting www.goalscholarship.org/for_donors/page/goal-paperless-process.