In 2008, the state of GA passed a law that allows individuals and corporations to redirect a part of their GA state income tax for need based financial aid, generally to private schools. The state allows a $2,500 (for a married couple) tax credit for the contributions. So for example, if you are married and you donate $2,500 through the GA goal program, then you can take a state of GA tax credit for $2,500, which means no net cost to you. A corporation can also take a tax credit of up to 75% of their annual Georgia income tax liability.
To participate, visit the GA goal website at www.goalscholarship.org. As always, seek advice from your tax advisor or us for more details.