GOAL Tax Credit
Redirect Georgia State Income Tax Liability to Assist TCS Students: TakeCreditForHelpingKids-TCS
History
In 2008, the Georgia General Assembly passed and Governor Sonny Perdue signed into law, HB 1133, legislation that permits Georgia taxpayers to receive a state income tax credit for amounts contributed to qualified Student Scholarship Organizations (“SSOs”). The scholarships are awarded to students who are enrolled in a Georgia secondary or primary public school or who are eligible to enroll in a kindergarten or pre-kindergarten program. Recipient students use their GOAL Scholarships to attend the private K-12 schools of their parents’ choice.
In response to this new law, Georgia GOAL Scholarship Program, Inc. submitted notice to the Georgia Department of Education of its participation as an SSO under HB 1133. On June 26, 2008, the Georgia Department of Education recognized the Georgia GOAL Scholarship Program, Inc., a 501(c)(3) tax-exempt organization, as an SSO that is approved to accept contributions and offer scholarships to students to attend private K-12 schools in Georgia.
In 2008, donors contributed $3,547,409 to Georgia GOAL Scholarship Program, Inc., making GOAL Georgia’s leading SSO. Of this amount, 1,182 individuals contributed $2,878,209 and 12 corporations contributed $669,200.
As of September 1, 2009, approximately 575 scholarships have been provided to deserving students attending the 64 private schools that have chosen to participate in the GOAL Scholarship Program. (http://www.goalscholarship.org)
The Cottage School has partnered with GOAL to enable interested tax payers to redirect a portion of their state tax liability to assist students attending—or wishing to attend—TCS.
For information on your redirection of Georgia State Income Tax, please contact Bob Creshaw, bobc@cottageschool.org
Whether you are an individual taxpayer or a representative of a corporation, you should follow four simple steps to receive a tax credit for your contribution to the Georgia GOAL Scholarship Program.
The Taxpayer ID for Georgia GOAL Scholarship Program, Inc., which is required on Form IT-QEE-TP1, is 65-1280229.
1. Get Pre-Qualified. Please download for completion this Georgia Form IT-QEE-TP1. You need to file this simple, two-page form with the Georgia Department of Revenue to pre-qualify your contribution for the GOAL Scholarship Program. The reason for this process is to make sure that the annual $50 million cap on Education Expense Credits has not been exceeded.
2. Receive Approval to Make Your Contribution. The Georgia Department of Revenue will review your form and confirm that the $50 million yearly cap has not been exceeded. The Department of Revenue will then send you a copy of the approved Form IT-QEE-TP1 by U.S. mail. This will let you know that you can proceed with your contribution.
3. Make Your Contribution. After you receive your approved Form IT-QEE-TP1, you will have 30 days from the date of approval to make your contribution and receive your tax credit. In order to designate your contribution for use in providing scholarships at The Cottage School, please make your check for the approved amount payable to Georgia GOAL Scholarship Program, Inc. and place “The Cottage School” in the memo section of the check. Then, deliver the check to the Business Office at The Cottage School, attention Bob Crenshaw, along with a copy of your approved Form IT-QEE-TP1. The school will mail the contribution and approved Form to GOAL.
4. Receive Your Acknowledgement and File for the Credit. Within 30 days from receiving your contribution, GOAL will send you a confirmation Form IT-QEE-SSO1. At the time that you file your Georgia income tax return, you will need to send with your return a copy of the Form IT-QEE-SSO1 and a completed Form IT-QEE-TP2. If you electronically file your Georgia income tax return and the Internal Revenue Service allows electronic attachments to the Georgia return, the Form IT-QEE-SSO1 must be attached to the Georgia return. If the IRS does not allow for electronic attachments, you must keep the Form IT-QEE-SSO1 and make it available upon request by the Commissioner of the Georgia DOR.