Georgia GOAL Scholarship Program – Submit your 2023 GOAL Tax Credit Application today!
The GOAL Program is a remarkable and important opportunity provided to Georgians by our elected officials.
In exchange for contributions to Georgia GOAL, our partner Student Scholarship Organization, taxpayers receive a 100% state income tax credit!
This is a proven opportunity that is a win-win-win for taxpayer donors, scholarship recipients, and our school community. By simply contributing to Georgia GOAL for a 100% Georgia income tax credit – in other words, by contributing with dollars you must spend anyway, you will help maximize financial aid for deserving families desiring to receive a MACA education.
Tax Credit Limits Based on Filing Status
· Single individual or head of household – up to $2,500
· Married couple filing a joint return – up to $2,500
· Married couple filing separate returns – up to $5,000
· S corporation shareholder, LLC member, or partnership partner – up to $25,000
· NEW Opportunity for 2022: S corporation, LLC, or partnership that elects to pay tax at the entity level – up to 75% of Georgia income tax liability
· C corporation or Trust – up to 75% of annual Georgia income tax liability
How to Contribute & Take the Tax Credit
1) Apply Now
Complete the 2023 GOAL Tax Credit Application today at www.goalscholarship.org (takes just 20 seconds!).
2) GOAL Submits to DOR
GOAL submits your 2023 application to the Georgia Department of Revenue (DOR) immediately, and your 2023 application on the first business day of January 2023.
3) Approved to Contribute
GOAL and DOR notify you of approved tax credit amount and payment deadline.
4) Make Payment
Pay GOAL by check or credit card within 60 days of DOR approval.
5) Take the Credit
GOAL will send you Form IT-QEE-SSO1 (tax receipt) for claiming the credit on your Georgia income tax return (Note: you will take the credit on the income tax return for the year in which you make the payment).
BENEFIT AND OPPORTUNITY FOR PASS-THROUGH BUSINESSES
There are TWO opportunities for pass-through businesses to make a substantial impact on their communities through GOAL, and both may provide a double tax benefit!
1) SALT Workaround (HB 149 election) Method:
Georgia pass-through businesses may elect to pay state income tax at the entity level, thereby enabling the pass-through owners to avoid the $10,000 SALT deduction limitation on their earnings from the business. The tax impact from this election can result in significant cost savings for the business owners.
For businesses making this election, they may now contribute up to three-fourths of their state income tax liability to GOAL, empowering many more families to seek the K-12 education they desire for their children!
The electing pass-through entity will not be required to claim any business purpose for the payment besides satisfying Georgia’s tax liability!
2) Business Expense (not making HB 149 election) Method:
A brand-new amendment allows pass-through owners to receive a tax credit for up to $25,000 if they anticipate paying that much income tax as a result of their pass-through ownership! (Previous limit was $10,000.) The magic number to justify the $25,000 tax credit is pass-through income of $434,783, which can include both profits and wages from the pass-through.
These pass-throughs can also deduct contributions to GOAL if they qualify as ordinary and necessary business expenses.
Visit the For Business Owners & Tax Advisors section of the GOAL website for scenarios showing dramatic tax savings.
Thank you for your support of Mountain Area Christian Academy!