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G.R.A.C.E. Scholars
(Georgia Tax Credit)
Grace Children with Catholic Eduation by Redirecting Your Taxes.
Donors to G.R.A.C.E. Scholars, Inc. can designate that their contributions be used in support of scholarships at St. Anne-Pacelli.
Under a new 2008 law, Georgia taxpayers can contribute to a qualified student scholarship organization (SSO) and receive a credit against their Georgia income taxes. St. Anne-Pacelli is partnering with G.R.A.C.E. Scholars, Inc., a state-approved SSO, to increase the amount of financial aid we are able to offer families.
Under the new law, individual taxpayers receive a tax credit against their Georgia income tax liability for amounts contributed to the G.R.A.C.E. Scholarship Program up to $1,000 ($2,500 in the case of a married couple filing a joint return). Thus, if a married couple owes $10,000 in Georgia taxes, they can contribute $2,500 to G.R.A.C.E. for scholarships at St. Anne-Pacelli and pay the remaining $7,500 to the state treasury.
Corporations that choose to support G.R.A.C.E. Scholars, Inc. can
make a huge impact with a large number of families and children. Any corporation can donate and receive a tax credit for an amount up to 75% of their Georgia income tax liability. (Presently, this tax credit is only fully available to "C" corporations.) In addition, amounts contributed to GOAL are deductible for federal income tax purposes.
G.R.A.C.E. Scholars, Inc. uses the contributions to fund scholarships for public school children who desire to attend Catholic schools. Importantly, donors to G.R.A.C.E. Scholars, Inc. can designate that their contributions be used in support of scholarships at St. Anne-Pacelli.
- Get Pre-Qualified. For your convenience, the Form IT-QEE-TP1 that taxpayers must complete and file with the Georgia Department of Revenue (DOR) to pre-qualify their contributions, is available below. You can also obtain a form from G.R.A.C.E. Scholars, Inc., 680 W. Peachtree Street, NW, Atlanta, GA 30308. To ensure approval of your intended contribution in time to secure a 2009 Georgia income tax credit, the DOR must receive your Form IT-QEE-TP1 by November 1.
- Confirmation. The Georgia DOR will review your form and confirm that the $50 million yearly cap set by Georgia law has not been exceeded. The DOR will then send you a copy of the approved Form IT-QEE-TP1 by US Mail. This will let you know that you can go ahead and make your contribution to G.R.A.C.E. Scholars, Inc.
- Donate to Help Students. After you receive your approved
Form IT-QEE-TP1, you will have 30 days to make your donation to G.R.A.C.E. Scholars, Inc. Send your donation by check and include a copy of the Form IT-QEE-TP1 and the GRACE Scholars Designation Form with St. Anne-Pacelli Catholic School marked to: G.R.A.C.E. Scholars, Inc., 680 W. Peachtree Street, NW, Atlanta, GA 30308.
- Get Credit! G.R.A.C.E. Scholars, Inc. will send you a confirmation Form IT-QEE-SSO1, which, along with the approved Form IT-QEE-TP1, you will need to send with your state tax return in order to claim the Education Expense Credit.
To learn all of the details about the new law, the process for
pre-qualifying and making your contributions, and G.R.A.C.E. Scholars Inc. please visit the website at www.gracescholars.org or contact Danni Harris at St. Anne-Pacelli at dharris@sasphs.net 706.561.8232, x142.
Link to Form IT-QEE-TP1 and more information: www.gracescholars.org