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Expanded GA Tax Credit

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Prepared by Jonathan Kim, CPA – Staff Accountant

The Qualified Education Expense Credit is a popular GA tax credit that lets taxpayers donate to a Student Scholarship Organization (SSO) of their choice, all the while getting a charitable deduction on their Federal return (subject to usual limitations) and a dollar for dollar tax credit on their GA return. In 2018, the credit cap was reached on January 2, 2018, the very day people could begin submitting applications. However, as of May 7, 2018, GA House Bill 217 was signed into law which contains a provision to increase the credit cap to $100 million (previously $58 million) for the next 10 years beginning with the 2019 tax year (reverts back to the old cap in 2029). You may begin submitting applications for the 2019 tax year on January 2, 2019, so be sure to plan ahead to take advantage of this tax saving opportunity.

If you would like to know more, visit dor.georgia.gov or contact your tax professional.

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