Tax Credit

Georgia State Tax Credit

Now Accepting Applications for the 2024 Tax Year.

YOUR TAX CREDIT: A BIG IMPACT TO STUDENTS

EXCITING NEWS

We are excited to announce that the ALEF Fund has partnered with Georgia GOAL to administer the education tax credit program on behalf of its ALEF partner schools. We are enthused to work with GOAL and leverage the expertise, systems, and customer service that they will provide.

We believe this partnership will serve to maximize success for The Davis Academy under this popular tax credit program. As the largest Student Scholarship Organization in the state, GOAL brings over 15 years of experience, having processed $300 million in contributions for 200 schools throughout the state.

HOW TO PARTICIPATE

Participation is as easy as submitting basic contact information to Georgia GOAL and designating The Davis Academy. The 2024 tax credit application process is now open for business and can be accessed here:

2024 Tax Credit Application

Both new and returning participants must submit a new application. Everyone must complete the form as a FIRST TIME donor.

Tax Credit Limits Based on Filing Status:

• Single Filer – $2,500
• Married Separate Filer – $2,500
• Married Joint Filer – $5,000
• Pass-Through Owner - (not making HB 149 election) – $25,000
• C Corp, Trust, or Pass-Through electing to pay tax at the entity level (HB 149) – 75% of annual tax liability

How to Secure Your Contribution & 2024 Tax Credit

1. Apply Now. Complete the 2024 GOAL Tax Credit Application before the end of 2023 (takes just 20 seconds!).

2. GOAL Submits to DOR. GOAL will submit your application to the Georgia Department of Revenue (DOR) on the first business day of January 2024.

3. Approval. By mid-January 2024, GOAL and DOR will notify you of the approved tax credit amount and payment deadline.

4. Make Payment. Pay GOAL by check, credit card, or ACH within 60 days of DOR approval (by mid-March 2024).

5. Claim the Credit. GOAL will send you Form IT-QEE-SSO1 (tax receipt) in May 2024 for claiming the credit on your Georgia income tax return. (Note: You will claim the credit on the income tax return for the year in which you make the payment).

Do You Receive Pass-Through Income From a Business?

Do You Receive Pass-Through Income From a Business?

Favorable state and federal tax laws and regulations allow pass-through businesses to improve Georgia K-12 education while achieving significant tax benefits.

1. For “Electing” Pass-Through Entities:
Pass-through businesses may now elect to pay state income taxes at the entity level (“avoid the $10,000 SALT deduction limitation on their earnings from the business (Georgia HB 149). Electing pass-through entities may contribute up to 75% of their state income tax liability to ALEF Fund/GOAL, the same generous limits as a C corporation, and empowering many more families to seek a Davis Academy education they desire for their children!

2. For Pass-Through Entities not making the HB 149 election:
Georgia lawmakers have raised the tax credit limit for pass-through owners to a generous $25,000, if the owner would pay that much in Georgia income tax as a result of their pass-through ownership!
Hint: Pass-through income required to support a $25,000 ALEF Fund/GOAL tax credit is $455,373 ($25,000 divided by .0549 = $455,373). Keep in mind that income from the pass-throughs can include both profits (K-1) and wages (W-2) income.

Please consult with your tax advisor about the most advantageous taxpaying method for your business and the associated ALEF Fund/GOAL tax planning opportunity.

Thank You for joining us in supporting the future of Jewish Education in Atlanta.

2024 TAX CREDIT APPLICATION

Your participation in the Georgia Private School Tax Credit program is not considered a donation to The Davis Academy but rather a redirection of tax liability already owed to the state of Georgia. We hope you will continue to support The Davis Fund to help the school meet its other financial operating needs.

Questions?

Any questions about our new partnership with GOAL or the ALEF Fund can be directed to Elisa Prager, Director of Institutional Advancement at eprager@davisacademy.org or to Georgia GOAL’s operations team at goal@goalscholarship.org.

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