Georgia Education Expense Credit

With the enactment of the Georgia Education Expense Credit, Georgia joins other states in giving parents an educational choice for their children. NCCS has partnered with Faith First Georgia to enable our community to take advantage of this program. Any individual or company who earns an income in Georgia may participate, regardless of whether or not you owe taxes at the end of the year.

What is the Georgia Education Expense Credit (GEEC)?

GEEC allows Georgia taxpayers (individuals, businesses, and corporations) to receive a tax credit when directing a portion of their state income taxes for private school financial aid scholarships. Under this law, you can redirect a portion of your Georgia income taxes to provide financial aid assistance to incoming NCCS students who are currently enrolled in public school. You will receive a dollar for dollar tax credit at the state level against your Georgia income tax liability, as well as a federal income tax deduction for a charitable contribution.

How can this tax credit benefit me and NCCS?

Now you have a choice how to use your tax dollars! You can pay income taxes to the state of Georgia or you can redirect some of those taxes to provide scholarships to new students to attend North Cobb Christian School. Any Georgia income tax dollars that you direct towards Faith First Georgia will provide financial aid to a new student who has passed the admission standards of NCCS, but may need some financial help. At the same time, it frees up allotted funds for financial aid at NCCS to be given to existing NCCS students who also may need some financial assistance. For examples of how GEEC helps you on your tax returns, please see the examples below.

How does it work?
Apply for the credit by filling out this form HERE.
NCCS will fill out your application in January 2018.
Receive approval from the Georgia DOR within 30 days of your application being submitted.
Make a donation to Faith First Georgia for the amount of tax credit you were approved for. Donations MUST be made within 60 days of your approval date in order to receive the tax credit.

How to Apply:

NCCS has partnered with Faith First Georgia, a state approved Student Scholarship Organization (SSO).
There are 2 options are available for filing:

Option 1
Fill out the online form. The Development Office will take care of applying for you in January. All applications received will be submitted online in January 2018.

Option 2 - The information below is provided by the Georgia Department of Revenue.
The Georgia Department of Revenue has an electronic option for applying for the Qualified Education Expense credit via the Georgia Tax Center (GTC) website. All taxpayers desiring to apply electronically should go to the GTC website and register/login to their account. Click here for instructions for setting up your GTC account. Users will need their Social Security Number or Individual Taxpayer Identification Number, a valid email address, and their Federal Adjusted Gross Income of the most current return filed for the past two tax years. Disclaimer: Taxpayers should not disclose their GTC login and password information. This compromises the confidentiality of taxpayer information. If you have any questions regarding the electronic submission of Qualified Education Expense Credit applications, please contact the Tax Credits & Incentives Unit at 1-877-423-6711.

What are the limitations of the program?
Individual taxpayers may redirect any amount up to $1,000 per year for those filing taxes as a single or head of household, or up to $2,500 for married couples filing jointly.

S Corps, LLCs, LLPs, and P.C.s. may contribute up to the actual amount expended or $10,000, whichever is less. A C-Corporation that pays Georgia taxes is allowed a credit for an amount not to exceed the lesser of the actual amount expended or 75% of the corporation's income tax liability for the tax year. Any of the lesser amount that is not used can be used against the succeeding five year's tax liability.

Please note that the House placed a cap of $58 million per year in tax credits under GEEC. Applications are approved on a first come, first served basis. In 2015, the cap was reached on January 2, so time is of the essence. Applications received on January 1, 2016 will most likely be pro-rated. Once you fill out the application, the state has 30 days to approve your application and return it to you. You then have 60 days to make your payment to Faith First Georgia noting NCCS in the memo line.
If you have any questions, please contact Andrea Ferguson by email or at 770-975-0252 ext. 121.

Please talk to your tax professional regarding the specific donation you are able to make.

Example 1: Georgia Income Tax Liability - $3,500.00

Without GEEC Tax Credit With GEEC Tax Credit
GA Income Tax Liability $3,500   GA Income Tax Liability $3,500
GEEC Tax Credit $0   GEEC Tax Credit $2,500
Amount Due to State of GA $3,500 Versus Amount Due to State of GA $1,000
Less Amount of Georgia Paycheck Withholding $3,900   Less Amount of Georgia Paycheck Withholding $3,900
Amount Due OR     Amount Due OR  
Amount of Refund $400   Amount of Refund $2,900


Example 2: Georgia Income Tax Liability - $5,500.00

Without GEEC Tax Credit With GEEC Tax Credit
GA Income Tax Liability $5,500   GA Income Tax Liability $5,500
GEEC Tax Credit     GEEC Tax Credit $2,500
Amount Due to State of GA $5,500 Versus Amount Due to State of GA $3,000
Less Amount of Georgia Paycheck Withholding $4,000   Less Amount of Georgia Paycheck Withholding $4,000
Amount Due OR $1,500   Amount Due OR  
Amount of Refund     Amount of Refund $1,000


Example 3: Georgia Income Tax Liability - $1,200.00

Without GEEC Tax Credit With GEEC Tax Credit
GA Income Tax Liability $1,200   GA Income Tax Liability $1,200
GEEC Tax Credit     GEEC Tax Credit $2,500
Amount Due to State of GA $1,200 Versus Amount Due to State of GA <$1,300>
Less Amount of Georgia Paycheck Withholding $1,400   Less Amount of Georgia Paycheck Withholding $1,400
Amount Due OR     Amount Due OR  
Amount of Refund $200   Amount of Refund $2,700

 

 

 

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