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Georgia GOAL

Georgia GOAL Scholarship Program

As of June 15, approximately $12 million in tax credits remains available for the 2020 tax year. Your participation in the GOAL program makes a remarkable impact on deserving families and on the overall financial health of our school. Submit your 2020 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 eduction. 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

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

How to Contribute and Take the Tax Credit

Apply Now (anytime from June 2019 – December 2019). Complete the 2020 GOAL Tax Credit Application today at www.goalscholarship.org (takes just 20 seconds!)

GOAL submits to DOR. One the first business day of January 2020, GOAL submits your application to the Georgia Department of Revenue (DOR).

Approved to Contribute. GOAL and DOR notify you of approved tax credit amount and payment deadline in early January 2020.

Make payment. Pay GOAL by check or credit card within 60 days of DOR approval (by mid-March 2020).

Take the Credit. In May, GOAL will send you a Form IT-QEE-SSO1 (tax receipt) for claiming the credit on your 2020 Georgia income tax return (Note: you will take the credit when you file your 2020 taxes in 2021).
GREAT NEWS! 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.
 
Approximately $12 million in tax credits remains available for the 2020 tax year. 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!