CLICK HERE TO LEARN MORE ABOUT THE GEORGIA GOAL SCHOLARSHIP FUND AND TO CONTRIBUTE FOR 2023.
IMPORTANT CHANGES FOR 2023:
-The GOAL cap has increased to $120 million
-Contribution limits have increased as follows:
|Tax Filing Status||PREVIOUS LIMIT||NEW LIMIT|
|Married Separate Filer||$1,250||$2,500|
|Married Joint Filer||$2,500||$5,000|
|Pass-Through Owner |
(not making HB 149 election)
|C Corp, Trust, or Pass-Through electing to pay |
tax at the entity level (HB 149)
|75% of annual tax liability||75% of annual tax liability|
|New for 2023: Business that pays insurance premium tax||75% of annual tax liability||but credit shall not exceed $1 million|
1. Complete the 2023 GOAL Tax Credit Application online. It takes just 20 seconds! GOAL will then submit your application to the Georgia Department of Revenue.
2. Receive approval to contribute. GOAL and the DOR will notify you of the approved tax credit amount and payment deadline.
3. Pay GOAL by check or credit card within 60 days of DOR approval.
4. Take the credit. GOAL will send you Form IT-QEE-SSO1 (tax receipt) for claiming the credit on your 2023 Georgia income tax return. Note: you will take the credit when you file your 2023 taxes in 2024.
Please watch this brief two minute video message that describes the business deduction opportunity for pass-through entities contributing to Georgia GOAL for a tax credit. IRS proposed regulations provide that a payment made by a pass-through business to a charity (such as Georgia GOAL for Bible Baptist Christian Academy) may qualify for an ordinary and necessary business expense deduction, even where the owners receive a state income tax credit for the payment. Click here for examples of federal tax benefit, which is $3,500 for a $10,000 contribution under certain circumstances.
Businesses can deduct payments relevant to their trade or business that are made with the reasonable expectation of financial return commensurate with the amount of the payment. The business expense deduction reduces the taxable net income of the pass-through business owner at the federal level, resulting in federal tax savings. Learn more here.
Please contact us at firstname.lastname@example.org with any questions. Thank you for your support of Bible Baptist Christian Academy!
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