Deducting Education Expenses
July 28, 2022Federal Tax Credits
September 21, 2022
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As tax season approaches, it is important to look at available Georgia tax credits that allow individuals and businesses to subtract, dollar for dollar, from the income taxes they owe. Let’s look at a couple of Georgia tax credits that can also benefit our community.
Georgia’s Education Expense Credit
Through Georgia’s Education Expense Credit, the GOAL Scholarship Program allows taxpayers to play a vital role in improving K-12 educational opportunities. Georgia offers tax credits to corporate and individual donors supporting student scholarship organizations (SSOs), nonprofits that provide private school scholarships to students in need.
What is GOAL? As Georgia’s leading student scholarship organization, in partnership with 172 participating schools, GOAL is providing thousands of children throughout the Peach State with greater opportunities for access to Learning. Visit https://www.goalscholarship.org/about_goal/ to learn more about GOAL.
Georgia Rural Hospital Credit
The Georgia Rural Hospital Tax Credit Program became effective beginning January 1, 2017. The Georgia General Assembly passed legislation that enables Georgia taxpayers to receive a state income tax credit for 100% of the amount they contribute to qualified rural hospital organizations. This is a great opportunity to financially support rural hospitals and help improve health care in communities where there is a need. Each year the Georgia Department of Community Health (DCH) will post an updated eligible hospital listing by financial need and in alphabetical order along with updated timelines, and certain limits apply. There is a cap of $60 million in available tax credits per year under the program. To see which Georgia hospitals are eligible, visit https://dch.georgia.gov/programs/rural-hospital-tax-credit .
Other Georgia Tax Credits
See the following list for a complete list by visiting:
https://dor.georgia.gov/tax-credit-summaries
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