Did you know that there is important new Georgia legislation that affects the qualified education expense credit? As of May 8, 2013, Georgia GOAL Scholarship donors who are also owners of pass-through entities such as S Corporations, LLCs and partnerships are eligible for a $10,000 tax credit through the Georgia GOAL Scholarship Program. This is a tremendous increase from the previous limit of $2,500, and will help us achieve our objective of making Darlington affordable for many outstanding students.
If you are interested in applying for GOAL at the higher tax credit limits, there are some things to keep in mind:
1.
Your paperwork must be submitted to the Georgia Department of Revenue in the name of the individual owner, not the name of the pass-through entity, and an individual’s entire combined tax credit may not exceed $10,000, even if the individual owns more than one pass-through entity.
2.
If a spouse is also owner in a pass-through entity (or multiple entities), the couple filing together may be allowed a total of $20,000 tax credit.
3.
All Georgia income, loss and expense from the taxpayer owned pass-through entity (or entities) will be combined to determine Georgia income for purpose of the QEE credit.
4.
Applicants must provide the amount that represents 6% of their estimated Georgia income from their pass-through entity, and the amount of tax credit claimed through a GOAL donation must not exceed the amount of tax liability owed to the Georgia Department of Revenue.
In the 2013-14, Darlington awarded 57 deserving students nearly $380,000 in scholarship assistance thanks to the Georgia GOAL Scholarship Program. These students, their grateful parents, and the Darlington Community here on campus are so appreciative that you have made it possible for these children to be a part of our school.
If you have questions or are interested in participating in the Georgia GOAL Scholarship Program this year, please
contact me and I will help you get started. Remember that there is a
state-wide cap. The 2013 cap was reached in record time on May 9 and the 2014 cap is expected to be reached by March 1. Please keep this timeline in mind.
Your support means so much to Darlington, and I am truly grateful to you for helping make a dream a reality for so many.
