Athens Academy is pleased to participate in the Georgia Tuition Tax Credit Scholarship Program. Athens Academy partners with Apogee, a Student Scholarship Organization (SSO) to help Georgia taxpayers redirect a portion of their State tax liability to Athens Academy and receive a dollar-for-dollar credit. Funds received from the program are made available for qualified applicants in the school's existing financial aid program. Since 2009, more than $2.8 million has been raised for our financial aid program.
TAX CREDIT NEWS! HB 217 passed in the 2018 General Assembly! This new legislation increases the state cap on the tax credits from $58 million to $100 million for the next ten years, making more funds available for financial aid at independent schools like Athens Academy!
Click here to apply for 2019! The deadline to pre-register for the 2019 tax year is December 15, 2018.
This gives us an opportunity to support the school at essentially no cost! We have to pay our taxes...why not send them to Athens Academy instead? --Alumni parent & 2018 GTTC participant
Individual - up to $1,000 Married Filing Jointly - up to $2,500 Married Filing Separately - up to $1,250 each Pass through income from S-Corps, LLCs, and Partnerships - up to $10,000 C-Corps and Trusts - up to 75% of GA tax liability
Yes, the amount you can give is limited by your tax filing status: · Married Filing Jointly: Maximum of $2,500 · Individual Filer: Maximum of $1,000 · Married Filing Separately: Maximum of $1,250
The state had placed a yearly cap on the amount of credit available at $58 million. That meant that every school, tax payer, and corporation in Georgia was drawing from the same pool of credits. For the last two years, the state has accepted applications representing more than $58 million and have pro-rated each pledge accordingly. In 2017, the Georgia legislature increased the cap to $100 million, so participants will receive larger credits beginning in 2018.
Your Georgia tax liability is typically 6% of your Adjusted Gross Income (AGI). You can also look at Line 18 of your Georgia tax return (Form 500) to learn your GA tax liability.
Apogee Scholarship Fund is Athens Academy’s partner in the process. Apogee is a state registered SSO (Student Scholarship Organization) as well as a 501c3 non-profit organization. Apogee’s primary function is to facilitate the process of distributing tax credits in exchange for donations and to disburse those funds for private school tuition scholarships.
The Georgia Tuition Tax Credit program provides a “win-win” for the Athens Academy community!
Dollar-for-Dollar Credit
The program allows tax payers to redirect a portion of their state tax liability to Athens Academy and receive a dollar-for-dollar credit when filing 2017 taxes.
Charitable Contribution
Itemizers can also receive a charitable contribution deduction on their federal tax return.
$1 Million in Pledges
The Athens Academy community pledged more than $1 million to Athens Academy through the program in 2017 – thank you!
$100 Million
In 2017, the legislature increased the amount of funds available for independent schools statewide to $100 million. This will enable participants in the program to receive larger credits in the future.
In 2017...
More than $100 million in applications were received on the first day, so the state pro-rated each credit at 45%.
Pre-Register!
Only those who pre-register will be eligible for the credits!
Redirect Allowance
Donors are allowed to redirect up to $1000 per individual and $2500 per couple.
Pass-Through Entity
Individuals who receive income from a pass-through entity such as an S-Corp, LLC or Partnership, can re-direct up to $10,000.
C-Corps & Trusts
may donate up to 75% of their GA tax liability.
Consult Your Tax Advisor
Please consult with your tax advisor to match your donation to your anticipated tax liability.
Supporting Financial Aid
The money the school receives is allocated to the school’s need-based financial aid program.