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Why partner with GASSO Inc.? (Click Here)
Georgia Student Scholarship Organization,
SSO, Inc. is a 501(c)(3) non-profit charitable organization based in
Cumming, GA. We are dedicated to the enhancement of the education
received by all of Georgia’s Pre-K, Elementary, Middle and High School
students through Student Scholarships provided for tuition at Georgia
private schools.
Georgia Student Scholarship Organization
facilitates tax credit contributions from Georgia taxpayers and
distributes those funds to qualified applicants in the form of Student
Scholarships.
Every approved contribution to Georgia
Student Scholarship Organization can be used as a 100% tax credit on a
Georgia Income Tax Return. The total amount donated to Georgia Student
Scholarship Organization can be used as a dollar for dollar credit
towards any income tax due to the State of Georgia. The donor can take
a charitable contribution deduction on their federal return and a tax
credit on their state return. Credits are allocated on a first come
first served basis. And, $50 million maximum is allocated for calendar
year 2008 for the entire program.
Credit Limits:
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Single
individual or head of household - $1,000.00 or actual amount
donated, whichever is less
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Married
couple filing joint return - $2,500.00 or actual amount donated,
whichever is less
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75 percent
of corporation’s income tax liability or actual amount donated,
whichever is less
How the
Contribution Process Works:
-
The donor
contacts Georgia Student Scholarship Organization, SSO, Inc. and
expresses their intent to make a contribution and request
pre-approval of the credit.
-
Georgia
Student Scholarship Organization informs the potential donor of
requirements of code section and provides them with the Georgia
Qualified Education Expense Credit Pre-approval Form. This form is
the first step in applying for the income tax credit for qualified
education expenses, and requests pre-approval of the intended
contribution to a student scholarship organization. This form is
submitted by the taxpayer directly to the Georgia Department of
Revenue, and should be postmarked by November 1 to allow enough time
for the amount to be pre-approved and the contribution to be made by
the end of the calendar year.
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Within 30
days of submitting the Pre-approval Form, the Department of Revenue
pre-approves, denies or reduces the requested amount based on
availability of tax credits remaining against the aggregate total of
$50 million.
-
Upon
approval, the donor must make the contribution to Georgia Student
Scholarship Organization within 30 days after the date of the
approval notice from the Georgia Department of Revenue. The
donation must also be made to Georgia Student Scholarship
Organization by the end of the calendar year in which the donation
was pre-approved.
-
Georgia
Student Scholarship Organization provides a letter to the donor
confirming the dollar amount of the donor’s contribution. The law
requires the donor to file this letter with their tax return.
Georgia’s electronic filing of individual income tax returns is tied
to the federal electronic filing system, which does not accept
attached documents. Therefore, electronic filing of a state
individual income tax return will not be available for taxpayers
claiming this state tax credit. Corporations and partnerships
(including Limited Liability Companies filing for tax purposes as
either partnerships or corporations) that claim the credit can still
electronically file their return.
Student Scholarships are awarded on a
yearly basis to qualified Georgia students who meet the minimum
eligibility requirements and submit an application. Student
Scholarships awarded to selected students can be used towards tuition at
the accredited private institution of their parent’s choice.
Scholarship applications are available through the school the student
plans to attend. Students are encouraged to reapply for the scholarship
yearly.
Contact
Information:
Georgia Student Scholarship Organizations,
SSO, Inc.
107 Colony Park Drive
Suite 100
Cumming, GA 30040
Tel. 678-947-0238
www.gascholarships.org
georgiasso@hotmail.com
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