Georgia Tax Credit Program

The Qualified Education Expense Credit (HB 1133) law allocates funds each year toward Student Scholarship Organizations (SSOs), which provide financial aid to students who are Georgia residents and who are either currently enrolled in public school or eligible to enroll in a qualified kindergarten or pre-kindergarten program.

Through this program, Georgia taxpayers may redirect a portion of their state tax liability to an independent school of their choice. In doing so, a Georgia state income tax credit is available for the tax year in which the redirection is made. A participant may also be allowed a charitable deduction on their federal return.

This program allows High Meadows families and friends the opportunity to redirect a portion of their state tax liability to support financial aid. The funding received from this program provides aid for incoming financially eligible High Meadows students who are either currently enrolled in public school or entering Pre-K or Kindergarten. It is important to note that in the distribution of these funds, High Meadows utilizes the high standards and legal process it employs in the distribution of all financial aid awards.

Tax credit limits are based on the taxpayer’s filing status:

• Single individual or head of household – up to $2,500
• Married couple filing a joint return – up to $5,000
• Married couple filing a separate return – up to $2,500
• S corporation shareholder, LLC member, or partnership partner – up to $25,000
• C corporation or Trust – up to 75% of annual Georgia income tax liability

No. Participation in the Georgia Private School Tax Credit Program is a redirection of tax monies already owed to the state, therefore your participation cannot be deemed a donation. Financial donations directly to the school are made through the High Meadows Fund which provides critical operating revenue on a yearly basis and make the High Meadows experience truly exceptional.

The taxpayer will submit his or her 2023 tax credit application to GOAL at www.goalscholarship.org. Then GOAL will take care of every remaining step, and will remind the taxpayer when action is required. Each step in the process is outlined below:

1. GOAL Submits Taxpayer Application to DOR: On January 1, 2024, GOAL will submit the taxpayer’s request for a tax credit to the DOR. Shortly thereafter, GOAL will notify taxpayer by email that the application has been submitted.
2. DOR Informs Taxpayer of Approval: Taxpayer will receive a DOR Approval Letter approximately 30 days after GOAL submits the application, indicating the amount for which he or she is approved.
3. DOR Informs GOAL of Taxpayer Approval: GOAL also receives notice of taxpayer’s DOR approval, and GOAL will email him or her detailed instructions regarding payment deadline and options.
4. Taxpayer Makes Payment to GOAL: When notified of DOR approval, taxpayer must submit payment to GOAL before his or her 60-day payment deadline.
5. GOAL Mails Taxpayer Tax Receipt: GOAL will send taxpayer an acknowledgement letter and tax receipt (Form IT-QEE-SSO1) within 90 days of payment being deposited.
6. Taxpayer Claims Georgia Income Tax Credit: When taxpayer files their 2021 taxes, he or she will take a Georgia tax credit and (if taxpayer itemizes) a federal tax deduction. Tax filing guidance will be available on GOAL’s website.

That is step 4 on the above question. After submitting your form to GOAL, GOAL will then submit the form to the Department of Revenue on the first business day of 2023. If approved, you will be notified by the DOR that you are approved for a credit and for what amount. You have 60 days from the date of approval to fund your credit by submitting a check or credit card to GOAL.

The program ends for the year when funds are exhausted. Last year, the funds were exhausted on January 4, the first business day of the year. GOAL predicts that the funds will be depleted that quickly again this year. GOAL pledges to submit all applications received by December 15, 2022, on the first day of 2023, so please act quickly to participate.

Any individual who receives income from one or more of the entities listed above is declared eligible to participate at a higher level – up to $10,000 per individual. It is important to note that taxpayers are not able to combine the individual tax credit opportunity with the pass-through opportunity. The taxpayer must choose to file individually/jointly or as a pass-through entity. Another note: If the actual tax liability is less than the tax credit amount, the excess credit will be considered a charitable contribution. This differs from the individual tax credits, which are carry forward friendly. If you have questions regarding your tax liability, please consult your tax advisor.

Yes. Georgia GOAL Scholarship Program is a 501(c)(3) charitable organization and therefore qualifies to receive corporate matching funds. Participants should ask their Human Resources or Community Relations office to find out if their employer has a matching gift policy and for paperwork. After completing the paperwork, the participant will submit the form to GOAL to confirm the donation so that the process can be completed.

High Meadows has received about $815,000 in support of financial aid since 2009 when we began participating in the program.

Because of the Georgia Private School Tax Credit Program, High Meadows has been able to provide 138 scholarships to outstanding students since we began participating in the program.