At Landmark Christian School, we want to do our part to help students fund their education. We understand that many students require financial assistance to pay their educational expenses, which is why we do our part to bring as many financial aid opportunities to our students as possible. One program we are proud to be a part of is the Georgia GOAL Scholarship Program, which funds scholarships for students attending private schools while giving taxpayers a useful state tax credit.
What is the Georgia GOAL Scholarship Program?
The Georgia GOAL Scholarship Program is a non-profit organization which was established to help students enrolled in accredited private schools. The program allows taxpayers to redirect a portion of their state income tax liability to improve pre-K through 12th-grade educational opportunities in Georgia. In 2019, 12,500 Georgians participated in the GOAL Scholarship Program, contributing 37.4 million dollars. Due to this high involvement by our state taxpayers, GOAL was able to provide outstanding K-12 opportunities to 16,823 students. Taxpayers who contribute to the program are eligible for the Georgia Qualified Education Expense Credit.
Who Can Contribute to the GOAL Scholarship Program?
Taxpayers throughout the state can contribute to the GOAL Scholarship Program, including individuals and businesses. There is a $100 million limitation to the tax credits given out each year through this program, which means private school communities across the state are competing for these precious funds to help their students. We encourage your participation in the program, which will help us claim a healthy share for our community. Together, we can raise the bar for Landmark Christian School. You can contribute to the program based on the following tax filing statuses:
- Single Individual or Head of Household: May contribute any amount up to $2,500
- Married Couple Filing a Joint Return: May contribute any amount up to $5,000
- Married Couple Filing a Separate Return: May contribute any amount up to $2,500
- S Corporation Shareholder, LLC Member, or Partnership Partner: May redirect up to $25,000 of state tax liability in 2021 and due to the passing of Georgia bill HB-149, business owners may redirect up to 75% of their state tax liability for the 2023 AND significantly reduce their federal income tax liability
- C Corporation or Trust: May contribute any amount up to 75% of annual Georgia income tax liability
How Is It Decided Where Contributed Funds Will Go?
The best part about contributing to the GOAL Scholarship Program is that you may direct your funds to Landmark Christian School, a GOAL participating partner.
What Type of Tax Credit do Participants Receive?
Taxpayers who contribute to the GOAL Scholarship Program receive a Georgia income tax credit instead of a mere tax deduction. A tax credit reduces the amount of tax you owe, which gives you a dollar-for-dollar reduction on your tax liability. On the other hand, a tax deduction only reduces the amount of your income that is subject to taxes. This means the tax credit you receive from donating to the GOAL program, known as the Georgia Qualified Education Expense Credit, could significantly reduce the taxes you owe to the state. For example, if you plan on paying $5000 to the state of Georgia for income taxes in 2023, you may instead redirect a portion to a scholarship fund at Landmark. If you are married filing taxes jointly, you could redirect $2500 to GOAL and $2500 to the Georgia Department of Revenue.
Apply for Your GOAL Tax Credit Today
Applying for the GOAL tax credit is simple and easy, requiring less than a minute of your time to fill out the application online. Because there is a limit to the available tax credits, it’s important to apply as soon as possible. If you have any questions about the application process or the use of the funds, please reach out to us today. We can provide you with additional information. Our goal is to promote donations to this program in order to help as many of our students as possible. Together, we can make education more accessible to students from all backgrounds. All it takes is support from you.
If you have any questions, please contact Marty Riggs at [email protected] for more information.