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Georgia GOAL

There is an EXCITING new opportunity for 2022: S corporations, LLCs, and partnerships can redirect up to 75% of Georgia income tax liability, up from the $10,000 cap in previous years.

Georgia GOAL Scholarship Program

YOUR TAXES, YOUR CHOICE! Your participation in the GOAL program makes a remarkable impact on deserving families and on the overall financial health of our school. Submit your 2022 GOAL Tax Credit Application today at www.goalscholarship.org

In exchange for contributions to Georgia GOAL  taxpayers receive a 100-percent state income tax credit!  Given the new federal limits on the deductibility of state and local income taxes, this is significant! By contributing to GOAL, you are making a charitable contribution, and may gain back a deduction, thereby reducing your federal tax burden.

The Georgia legislature has nearly doubled the available credits, alleviating the “oversubscription” problem of past years. 

This is a proven opportunity that is a win-win-win for taxpayer donors, scholarship recipients, and our school community. By simply contributing to Georgia GOAL for a 100-percent Georgia income tax credit, you will help maximize this source of financial aid for deserving families desiring to receive a Benedictine education. You have the opportunity to make this our school’s best year yet in raising GOAL funds!

Tax Credit Limits Based On Filing Status

  • Single individual or head of household – up to $1,000

  • Married couple filing a joint return – up to $2,500

  • Married couple filing separate returns – up to $1,250

  • S corporation shareholder, LLC member, or partnership partner – up to $10,000

  • NEW Opportunity for 2022: S corporation, LLC, or partnership that elects to pay tax at the entity level – up to 75% of Georgia income tax liability

  • C corporation or Trust – up to 75% of annual Georgia income tax liability

GOAL Video

How to Contribute and Take the Tax Credit

Apply Now. Complete the 2021 or 2022 GOAL Tax Credit Application today at www.goalscholarship.org (takes just 20 seconds!)

GOAL submits to DOR. GOAL submits your 2021 application to the Georgia Department of Revenue (DOR) immediately, and your 2022 application on the first business day of January 2022.

Approved to Contribute: GOAL and DOR notify you of approved tax credit amount and payment deadline.
 
Make Payment: Pay GOAL by check or credit card within 60 days of DOR approval.
 
Take the Credit: GOAL will send you Form IT-QEE-SSO1 (tax receipt) for claiming the credit on your Georgia income tax return (Note: you will take the credit on the income tax return for the year in which you make the payment).

Good News from the IRS

IRS proposed regulations provide that a payment made by a pass-through business to Georgia GOAL for a designated school like Benedictine may qualify for an ordinary and necessary business expense deduction, even where the owners receive a state income tax credit for the payment.
 
Businesses can deduct payments relevant to their trade or business that are made with the reasonable expectation of financial return commensurate with (but, according to the IRS, not necessarily equal to) 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.
 
Your participation in the GOAL program makes a remarkable impact on deserving families and on the overall financial health of our school.

Contact

Please contact Greg Markiton ’92 at greg.markiton@bcsav.net with any questions.
Thank you for your support of Benedictine Military School!