Georgia Private School Tax Credit

Thanks to the support of the Lovett community, $2,486,992 has been redirected for Lovett financial aid through the Georgia Private School Tax Credit program!

In 2010, our trustees unanimously approved participation in the Georgia Private School Tax Credit Program. The Lovett community now has the opportunity to redirect their Georgia tax liability to support independent school education—and specifically a Lovett education! Your participation in this program can help us offer need-based scholarships to new Lovett students in a year when financial need is at an all-time high.

Georgia sets aside tens of millions of dollars in tax credits for Georgia residents and C Corporations that donate funds to qualified Student Scholarship Organizations (SSOs) each year. The SSOs, which are nonprofit organizations, then grant scholarships for current public school students and all kindergarten students to attend Georgia’s private and independent schools, such as Lovett. Lovett has partnered with an SSO called GOAL to administer this special scholarship program. A Lovett constituent would make a donation to GOAL, designating Lovett as their recipient, in exchange for a tax credit. That donation, in turn, would become a scholarship grant for a student to attend Lovett.

Submit your early application by December 15, 2017, o
r apply online at https://www.goalscholarship.org/.

 

FAQs

What is the Georgia Private School Tax Credit?

This tax credit was passed into law in May 2008. The state has set aside $65 million or more in available credits each year, distributed on a first-come, first-served basis.

How can this tax credit benefit both me and Lovett?

Under the law, you can redirect a portion of your Georgia income tax liability to provide financial aid to Lovett students. You will receive a tax credit on your state income taxes and a charitable contribution deduction on your federal incomes taxes for the amount donated. The maximum tax credit-eligible contribution is $10,000 for LLCs, partners in partnerships, and shareholders in S corporations; $2,500 for married couples filing jointly; $1,250 for married couples filing individually; and $1,000 for an individual. Corporations, trusts, and estates can offset up to 75% of their state income tax liability. Please note that a contribution to GOAL, designated to Lovett, cannot be counted as a gift to the True Blue Annual Fund.

How does it work?

We have partnered with GOAL Georgia Scholarship Program, Inc., a state approved Student Scholarship Organization (SSO), to enable the Lovett community to take advantage of this program. With a donation to GOAL, a Georgia state income tax credit is available to you for the tax year the donation is made. Your donation can be used as a charitable contribution deduction on your federal tax return.

Who qualifies for the scholarship?

New, incoming students who are currently enrolled in a public school or any rising kindergarten students are eligible to receive these funds, provided that they qualify for need-based financial aid at Lovett. The Lovett School Admission Office distributes the monies raised through this program as part of their Financial Aid service.

How much tax credit can I take?

It depends upon your filing status.

Individual filers can redirect a maximum of $1,000;
Married filing separately a maximum of $1,250;
Married filing jointly a maximum of $2,500;
Individuals who receive pass-through income up to $10,000 as an S-Corp shareholder, LLC member, or Partnership partner; and
C-Corporations and Taxable Trusts up to 75 percent of their Georgia tax liability.

Can my redirect count as my True Blue Annual Fund gift to Lovett?

While we greatly appreciate your support of the Georgia Private School Tax Credit program, please note that a contribution to GOAL, designated to Lovett, cannot be counted as a gift to True Blue. Your gift will, however, be included in our Annual Report.

How can I fill out and submit my forms online?

If the cap for a given year has NOT already been met, links to the forms will be posted on this website. Fill out the form and GOAL will take care of the rest (you will receive a PDF copy of your completed form at your provided email). You are welcome to make your payment at this time or wait until GOAL emails you upon receipt of approval from the DOR (usually takes about 30 days). You can mail the check, as usual, or have the options for an online check (this option will be available as a link in the email correspondence sent upon receipt of approval) or by credit card (this option will be available as a link in the email correspondence sent upon receipt of approval).

powered by finalsite