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Georgia Tax Credit
Last year the Georgia Assembly passed into law House Bill 1133 which allows Georgians to receive a tax credit when directing a portion of their state income taxes for private school financial aid scholarships. Under this law, you can redirect a portion of your Georgia income taxes to provide financial aid assistance to incoming GBCS students who are currently enrolled in public school. You will receive a tax credit at the state level (and a federal income tax deduction) against your Georgia income tax liability for amounts directed.
You have a choice! You can pay income taxes to the state of Georgia or you can direct some of those taxes to provide scholarships to new students to attend Grace Baptist Christian School. Any Georgia income tax dollars that you direct towards the Next Generation Scholarship Foundation, will provide financial aid to any new student who has passed the admission standards of GBCS, but may need some financial help. At the same time, it frees up allotted funds for financial aid at GBCS to be given to existing GBCS students who also may need some financial assistance.
How does it work?
We have partnered with the Next Generation Scholarship Foundation, Inc., a state approved Student Scholarship Organization (SSO), to enable the GBCS community to take advantage of this program. Here is what you do:
- Complete the Georgia IT-QEE-TP1 in order to apply for and receive preapproval for the income tax credit. Once you have filled it out, please send it to GBCS Attn. Robin Cannan and we will record it and then mail it to the Georgia Department of Revenue (DOR). Within 30 days, the DOR will send you the approval form. No check is required at this time.
- Within 30 days of receiving your approval notice from the DOR, you must send a copy of the approval form and a check for the directed amount made payable to “Next Generation Scholarship Foundation”. Please make sure to write “Grace Baptist Christian School” in the memo section of the check!
- Next Generation Scholarship Foundation will send you a Form IT-QEE-SSO1 acknowledging your contribution.
- When you complete your Georgia income tax return for 2009, submit a copy of the Form IT-QEE-SSO1 with your return in order to claim your Georgia income tax credit.
For Further assistance please contact:
NGSF, INC. 1400 Cedar Sreet Carrollton, GA 30117 Phone: 678.773.8430 Fax: 770.832.2691
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