UNIQUE TAX CREDIT AVAILABLE FOR HSP DONORS

 

If we pay Georgia State Income Tax, we all have a unique opportunity to obtain a tax credit by making a donation to a scholarship fund and designating that the contribution be used to assist students attending Holy Spirit Prep as recipients of needs based tuition assistance.

 

Please note that this is a tax credit, not a tax deduction, i.e. you will reduce your state income tax by an identical sum to the sum that you donate.  In addition, the contribution is deductible for federal income tax purposes.

 

Holy Spirit Prep is working with the Georgia Goal Scholarship Program, a 501(c)(3) tax-exempt organization which has been qualified by the Georgia Department of Education as a Qualified Student Scholarship Organization: http://www.goalscholarship.org/

 

The maximum tax-credit eligible donation is $1,000 per taxpayer filing individually and $2,500 per married couple filing a joint return.               

 

There is a $50 million annual limit on the total amount of tax credits that the State will grant for these scholarship fund contributions.  The tax credits are awarded on a first-come, first-served basis. You must obtain “pre-approval” for the deduction by submitting a simple two-page form that can be found at:  http://www.etax.dor.ga.gov/inctax/2007_forms/TSD_HB-1133_FORM_ITQEE-TP1.pdf . Once you have received your approval, you will have 30 days to send a check to Georgia GOAL Scholarship Program, Inc. (make sure “Holy Spirit Prep” is listed in the memo section of the check).  If you are filing for pre-approval please scholarships@holyspiritprep.org to let us know.  

 

If you own, control or influence a corporation that pays Georgia Income Tax please consider that the corporation may be eligible to receive a tax credit for contributions made to the GOAL Scholarship Program in an amount up to 75% of its annual income tax liability!

 

Kind regards,

 

Gareth

 

MNM

 

Gareth N. Genner

President

Holy Spirit Preparatory School and Holy Spirit College