Reading Time: 0 minutes, 46 seconds
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.
Contact Us
Recommended Articles
Solar energy is a popular choice for businesses looking to reduce their carbon footprint through alternative energy sources. In addition to supporting a company’s environmental, social and governance (ESG) strategy, converting to solar energy can potentially lock-in lower energy rates. Further, Section 48 of the Internal Revenue Code provides businesses that invest in solar energy […]
The IRS recently released guidance providing the 2023 inflation-adjusted amounts for Health Savings Accounts (HSAs). High inflation rates will result in next year’s amounts being increased...
Are you a charitably minded individual who is also taking distributions from a traditional IRA? You may want to consider the tax advantages of making a...
For the final six months of 2022, the standard mileage rate for business travel will increase by 4 cents per mile, from 58.5 to 62.5 cents...
Here’s an interesting option if your small company or start-up business is planning to claim the research tax credit. Subject to limits, you can elect to...
Stay up-to-date
Remain informed and connected. Follow us and join our mailing list.
An independent member of the BDO Alliance | Hancock Askew & CO, LLP ©2019.All Rights Reserved.