Tax Credit Scholarship Program Reaches Donation Cap for the First Time
The Department of Revenue pre-approves $50 million in scholarship donations in 2011
ATLANTA (November 9, 2011) - According to the Georgia Department of Revenue, individuals and corporations have been pre-approved to donate $50 million to Georgia's student scholarship organizations (SSOs), the most that the 4-year-old program has ever raised and the maximum allowed for the year. SSOs will use the donations to provide tuition scholarships for students attending private school. The scholarships will help thousands of Georgia K-12 students access schools they otherwise could not attend.
Center for an Educated Georgia
You can help a child attend Catholic school with a no cost gift.
The State of Georgia allows you to redirect part of the money that you would pay in taxes to a student scholarship organization (SSO) that provides scholarships to private school students. The concept is simple. You redirect tax money to GRACE Scholars. On your next state tax return, you claim a 100% state income tax credit for the amount you redirected.
For more information, contact: www.gracescholars.org● 404-920-7900
Or call Kim Graff 770-419-8601 ext 1403 kgraff@scsiena.org
STEP 1: GET PRE-APPROVED
Individuals submit form TP1 to state Department of Revenue at address on form. Current turnaround time appears to be about two weeks.
STEP 2: COMPLETE GIFT
Upon receipt of pre-approval, you will have 60 days from date of pre-approval letter to complete your gift but no later than December 31. Send state’s pre-approval letter, GRACE designation form and check payable to GRACE Scholars, Inc to GRACE Scholars 2401 Lake Park Drive SE Smyrna, GA 30080. GRACE Scholars will acknowledge your check with a thank you letter and stare form SSO1 that you will need for preparing your state income tax return.
Thank you to all who have contributed to GRACE and are giving the gift of a Catholic education to the children of our parish family!
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