
GA LEV/ZEV Certification Form 2012-2025 free printable template
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Hi I'm Dan de Lucia and a tax manager with Hensley Financial today I want to share with you a unique tax credit available to Georgia taxpayers a Georgia qualified education expense tax program it allows individuals and entities to receive tax credits for donations made to students scholarship organizations you might have heard them called SOS these students' scholarship organizations in turn provide scholarships to help cover the cost of private K through 12 education for children in the state of Georgia many of the SSS specialize in providing scholarships for low-income families while others allow you to direct your contribution to a specific private school such as a school for special needs children or your local private school since this is a dollar-for-dollar Georgia income tax credit you're essentially redirecting your state income tax dollars to fund private school education for students whose families otherwise might not be able to afford it the maximum credit for a married couple filing a joint return can apply for is $2,500 for married filing separately the amount is twelve hundred and fifty, and it's a thousand dollars for single and head of household filers and for an owner of an S corp limited liability company LLC or partnership the maximum credit is up to ten thousand dollars C Corp, so trust can also donate up to 75% of their Georgia tax liability furthermore taxpayers who itemize are allowed a charitable deduction for these contributions to their federal income tax returns for example if you're a married couple filing and jointly, and you're in an effective 30% federal tax bracket, and you itemize if you contribute to max I'm twenty-five hundred dollars not only do you get a dollar for dollar Georgia tax liability credit for 24 the twenty-five hundred you also get a twenty-five hundred dollar deduction on your federal return for the contribution well this translates to an additional tax savings of seven hundred and fifty dollars since you again are in the 30% effective tax bracket so for twenty-five hundred dollar contribution you get a total dollar-for-dollar return of thirty-two hundred and fifty with some exceptions for the four entities if you can't use the credit in one year you can carry it over for up to five years now you know the reason why this credit has become so popular you may not have caught it but the key word in all this was applied well the state of Georgia is pretty cool to offer this tax credit they also limited each year because they don't want to give up all the revenue, but the past few years to credit was limited to fifty-eight million dollars as a taxpayer you must obtain approval prior to taking the tax credit for contributing by completing the Georgia form I the e TP one without disapproval your donation is just another donation for 2015 the Department of Revenue will begin accepting the application January 1, 2015, now why is this relevant now because the 2014 credit was exhausted in Jayne by January...
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