GA Tax Credit Scholarship
GA Tax Credit Scholarship
Through our partnership with Apogee Georgia School Choice Scholarship Fund, you can contribute to the Financial Aid program at Springmont and receive a dollar-for-dollar credit off your Georgia state taxes. Your contribution is held in a fund managed by Apogee for Springmont to help eligible students who, otherwise, would not be able to afford full tuition.
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This is all part of the Qualified Education Expense Credit Program, which came about in 2008 when Georgia House Bill 1133 (HB1133) was signed into law. The resulting student scholarship organizations (SSOs) allow for Georgia taxpayers—individuals and corporations—to contribute a portion of their state taxes to independent schools of their designation. These SSOs use the contributions to award scholarships to eligible students from K-12 public schools so that they can attend the private schools of their parents’ choosing.
Springmont has partnered with Apogee Georgia School Choice Scholarship Fund, a state-approved 501(c)(3) nonprofit SSO, to help us make the best use of this program.
The more funds we receive from this program, the more Financial Aid we can offer students applying to certain programs. It’s a win-win in this regard. More students benefit from a Springmont education and our enrollment increases, the learning groups in the classrooms grow and additional revenue fuels the classrooms.
- Before December 15, Apogee accepts pre-registration from their site. To pre-register, go to https://www.apogeebase.com/donate and fill in the required fields, which includes designating Springmont as the recipient school. You will electronically sign and submit the required Georgia Form IT-QEE-TPI (the Qualified Education Expense Credit Preapproval Form).
- Once submitted, Apogee will handle submission to the Georgia Department of Revenue and you will receive an email notice once you have been approved. Once approved, you’ll have 60 days to complete your payment.
- Within the 60-day window, make your payment of choice (up to the outlined maximums allowed) by check or credit card to Apogee.
- Once your contribution is received, you will receive documentation that you are eligible for a tax credit against your Georgia taxes in the same amount for the current tax year (e.g. the contribution you make in 2019 will go toward your 2019 tax return filed by April 2020.)
By law, the Department of Revenue has 30 days to approve your contribution. If you have not received your approval notice within 30 days of your submission form, please contact Apogee at (404) 419-7123.
There are specific legal guidelines for how funds from this program can be used. Eligibility is contained to:
Young children who are of age to enroll in Georgia public pre-K, kindergarten and first grade schools.
Students who are already enrolled in Georgia public schools and have attended at least 30 days of public school.
Home-schooled students, KIPP School students and charter school students.
You may contribute any amount up to these limits:
Married Filing Jointly: Maximum of $2,500
Individual Filer: Maximum of $1,000
Married Filing Separately: Maximum of $1,250
Individuals who receive pass-through income can contribute up to $10k
C-Corporation: Up to 75% of GA tax liability
No, the actual process is easy and pre-registration takes fewer than 10 minutes. Apogee will handle everything else regarding the donation. You are still responsible for managing your taxes.
To get the tax credit, you must submit your application by December 15th to be pre-approved by the Georgia Department of Revenue. Once approved, you have 60 days from the date of your approval notice to make the contribution. If mailing a check, it must be postmarked within that time frame. Beyond these strict deadlines, however, the Georgia legislature places an annual cap on the amount of available credits.
If you itemize federal income tax deductions, a federal charitable income tax deduction is also available for the amount of contribution.
Yes. A tax credit is more beneficial to the taxpayer than a strict deduction, because it reduces your tax burden dollar-for-dollar while a deduction reduces the amount of taxable income on which your tax burden is calculated. As a reminder, the dollar-for-dollar credit is for your Georgia taxes. The donation counts as a regular deduction for your federal income taxes.
You may donate any amount up to the limits allowed: $2,500 for a married couple filing together, $1,250 for married people filing separately, and $1,000 for those filing individually.
If your state income tax burden is at least what your contribution is, your refund will increase by the amount of your donation. If, however, your tax burden is less than your contribution, the amount of unused credit can be carried forward for five (5) years.
For additional information or filing instructions, please visit Apogee.
Click here for step by step instructions for both your federal and state taxes.
Our friends at Apogee have mapped that out for you. Click here for directions, with screenshots, for processing your federal and state taxes.