News / Article

Georgia Qualified Education Expense Credit

Source: - Jan 5, 2012

To our Georgia clients:

Georgia Dept of Revenue sent out a notice regarding their school credit. The highlights are below; to read the actual law click on the "source" link (above), or use the links I copied at the end of this article. PLEASE GIVE US THE INFORMATION REQUIRED IN ORDER FOR YOU TO GET YOUR CREDIT.

1. Only donations to Student Scholarship Organizations (SSO) qualify
2. The GA dept of Education keeps a list of all qualified SSO's on its website.
3. The GA Dept of Revenue keeps the amount of credits available on its website ($50 million annual cap).
4. These credits are first-come-first serve, so make your contribution early.
5. Individuals and corporate taxpayers are eligible for the credit. If a pass-through entity, then credit gets allocated to each shareholder or member, according to their ownership percentage.
6. The taxpayer MUST include forms IT-QEE-SSO1 and IT-QEE-TP2 with your GA income tax return.
7. Credit amounts are THE LESSER OF: actual expenses OR $2500 for MFJ, $1250 for MFS, $1000 for single filers/HH and 75% of income tax liability for corporate payers.
8. You must add back to Georgia taxable income that part of any federal charitable contribution deduction taken on a federal return for which a Georgia Qualified Education
Expense Credit is allowed.

Hera are the pertinent sites:

GA Dept of Education (read the "Tax Credit Overview"):


GA Dept of Revenue:

Category: Other States