FSA Private School
STATE TAX CREDIT SCHOLARSHIP PROGRAM
LAST DAY TO APPLY!
Dear FSAPS Community,
Thank you very much for your close attention to State Tax Credit Scholarship Program. This is my final reminder on this issue. Please see some helpful information below and submit your application today.
First, I would like to clarify the State Tax Credit Scholarship Program, the credit paid is not a state tax deduction but money paid toward your taxes. It is money you would be paying the state as income tax, but by paying the money through the program you may also be eligible for a federal charitable income tax deduction. The decision you are making is simply whether your taxes should go to the state or to Fulton Science Academy Private School. Whether you choose to participate or not you are paying this money. Therefore, it makes perfect sense for any FSAPS family and community member to direct their taxes to our school.
Secondly, some of us have purchased electric cars and these automobiles have a similar tax credit program in Georgia. Our families can certainly combine both credits; however, they would be limited by the amount of tax liability in Georgia that they have available to credit against.
Thirdly, after submitting your State Tax Credit Scholarship Program Donation, you may also inform your company, and claim matching gift donation for Fulton Science Academy Private School. This matching donation can NOT be used to pay tuition but it is another great way to support our school as donation.
Last but not least, your application may not be submitted on time if you do not apply after December 15. Apogee will need some time to enter them into the system and they have informed us that any application received after December 15 will not be guarantee submission.
Click HERE to complete the electronic form through the Apogee website.
STATE TAX CREDIT SCHOLARSHIP APPLICATION
The Education Expense Tax Credit program provides an opportunity for taxpayers to redirect Georgia tax dollars to provide financial aid assistance to FSAPS students. The state anticipates that 2015's $58 million in tax credits will be claimed during the first week of January. Payment is due 60 days after Department of Revenue approval is processed beginning January 1. If you apply now, your donation will probably be approved in late January and you will be given 60 days to pay your donation, so you will be paying sometime around March.
How can this tax credit benefit both Fulton Science Academy Private School and myself?
Under this law, you can redirect a portion of your Georgia income tax liability to provide financial aid assistance to FSAPS students based on need. You will receive a tax credit on your state income taxes and a charitable deduction on your federal incomes taxes for the amount of your contribution. For married couples filing jointly, the maximum tax credit-eligible contribution is $2,500 ($1,000 as an individual).
Here’s how it works:
- Georgia taxpayers can make a contribution within statutory limits to a state approved student scholarship organization (SSO). FSAPS partners with Apogee Scholarship Fund.
- The state of Georgia will then issue you an income tax credit in the full amount of your contribution.
- The SSO qualifies as a charity for federal income tax purposes. Therefore, contributions made through this program generate a charitable deduction for taxpayers who itemize their returns.
The amount you may contribute depends upon your tax filing status:
- Single individual or head of household – any amount up to $1,000
- Married couple filing a joint return – any amount up to $2,500
- Married couple filing a separate return – any amount up to $1,250
- S corporation shareholder, LLC member, or partnership partner – any amount up to $10,000 (Click here for more detailed information)
- C corporation or Trust – any amount up to 75% of annual Georgia income tax liability
- AMT filers, GA state tax liability is not deductible on the federal return. Therefore, redirected taxes are converted into charitable contribution on the federal tax return.
- For example, an AMT filer who redirects $2,500 through the program, receives $700 (28%) in additional tax benefit on their federal return and reduces state tax liability by $2,500 on GA state return.
Why give now:
The state of Georgia has placed an annual cap on the total amount of tax credits that may be awarded through this program. This limited number of tax credits will be awarded on a first come, first served basis. With the increase in popularity of the program the funds are claimed earlier each January. Once the funds are used up, you will have to wait until next year to participate in the program.
How to Participate in the Tax Credit Program
Paperless – It’s fast and easy!
- Click HERE to complete the electronic form through the Apogee website.
- Apogee will submit your information starting Jan. 1, 2015.
For detailed information, please visit http://fultonscienceacademy.org/pvo/apply-online-for-state-tax-credit
If you have any questions, please let me know.
Kenan Sener, Principal
Fulton Science Academy Private School
Serving Advanced and Gifted Students
1675 Hembree Road
Alpharetta GA 30009
Phone: (678) 366-2555 ext: 108
Cell: (404) 518-4264
Fax: (678) 366-2333