Apogee Scholarship Fund
Under the Georgia Private School Tax Credit program, all taxpayers are eligible to receive dollar-for-dollar state tax credits in exchange for contributions to a state-approved Student Scholarship Organization, or SSO. As a taxpayer, you may elect to divert some or all of your state tax liability to Academe of the Oaks through the scholarship program. In addition to a state tax credit, your contribution can be claimed as a charitable contribution on your federal tax return. The total amount of your contribution is made available for tuition assistance for eligible families wishing to send their children to Academe of the Oaks. (For information about eligibility for tuition assistance through this program, click here.)
We have selected the Apogee Scholarship Fund, a Georgia 501(c)(3) SSO, to administer the program on our behalf. We urge all of our friends and families to participate in the program, which is open to all individuals and corporations paying Georgia state taxes. We encourage you to forward this information to others—grandparents, family, friends, colleagues—who anticipate a Georgia tax liability and who might be interested in diverting a portion of their tax payments to Academe of the Oaks.
How it Works
In lieu of paying the full amount of your state tax liability to the Department of Revenue, you make a contribution to Apogee—essentially pre-paying part or all of your anticipated state tax—which is returned to you as a dollar-for-dollar tax credit on your state return and as a tax-deductible contribution on your federal return. You will receive a voucher for the amount of the tax credit to submit with your state return and a receipt for your contribution to file with your federal return.
Georgia tax liability is typically 6% of adjusted gross income (AGI). (Line 18 of the Georgia tax return—Form 500—shows your Georgia tax liability.) Because applications for the program are expected to exceed available funds, it is probable that the tax credits will be pro-rated. We encourage you to apply for the maximum allowable amount, even if you do not expect to incur a tax liability at that level. You are not obliged to contribute the full amount for which you receive approval, but you will not be able to claim a larger tax credit than the approved (pro-rated) amount. If, as expected, the tax credits are pro-rated by more than 50%, your approval will be for an amount considerably less than that for which you applied. Please confer with your accountant or other tax adviser if you have any questions about participation in the program.
MAXIMUM TAX CREDIT BY FILING STATUS
Married, Filing Jointly: $2,500
Married, Filing Separately: $1,250
S-Corporations, LLCs: $10,000
C-Corporations: 75% of Georgia tax liability
Early Application to the Program Is Essential
The 2016 tax credit cap was reached in one day! $58 million has been allotted to the 2017 tax credit program; these monies become available, and are expected to be exhausted, on January 1, 2017. The application process will be opened with fanfare on August 1, 2016, but it is not necessary to wait. All applications will be submitted by Apogee to the Georgia Department of Revenue on January 1, 2017. Payment will be due 60 days from approval, i.e., on or about March 1, 2017.
Click Here to APPLY now FOR THE 2017 Tax Credit
The link above will take you directly to the paperless (on-line) application page of the Apogee website. For more information about the program, including answers to “frequently asked questions” and downloadable forms for application by mail or fax, visit the Apogee Scholarship Fund on-line.
Apogee will notify you when your tax credit application has been approved. Apogee must receive your payment within 60 days of the state’s approval either by on-line payment or by check (payable to Apogee Scholarship Fund) mailed to—
Apogee Scholarship Fund
3330 Cumberland Blvd, Suite 400
Atlanta, GA 30339
for more INFORMATION
If you have additional questions about the program, please contact John Panessa, at the Apogee Scholarship Fund: telephone (404) 419-7123, or e-mail firstname.lastname@example.org