New GA Tax Credit Allows Taxpayers to Contribute to a Public School ‘Fund’

Categories: GHnews

Parents – have you ever complained “I wish I could dictate where my tax dollars go.” Now you can, sort of: New for 2018 is a GA tax credit where taxpayers can contribute to a public school ‘fund.’ This results in a credit on your GA taxes and goes directly to public schools.  1) Yes, this is also a charitable donation on your federal return which may/may not benefit you 2) No, it doesn’t go directly to GHES, but GHES is able to apply to get monies from this ‘fund,’ and 3) There’s a maximum amount the state allows, so you have to APPLY to get this credit (the application is really just a request form).  For example, if your tax liability to GA is usually $4,000 you can instead write a check for $1,500 to this public school fund (Innovation Fund Foundation, Inc.)  and then your GA tax liability is only $2,500.  But you must apply for this credit! The website to do this is at https://gosa.georgia.gov/innovation-fund-foundation-tax-credit-information.  And because there is a maximum the state will allow into this fund, it’s important to apply ASAP and not wait until the fall.  Click here for a more detailed explanation on how-to. It’s really simple to do, but we recognize with tax law, that it’s not always simple to understand why you would do it.