Your Tax Dollars Can Help RSCA!
REDIRECT YOUR TAX DOLLARS TO RSCA!
Through the Georgia GOAL Scholarship Program, individual taxpayers and corporations can redirect some of their tax dollars to RSCA and receive a 100% STATE INCOME TAX CREDIT!
This is a proven opportunity that is a WIN-WIN-WIN for taxpayer donors, scholarship recipients, and our RSCA community. By contributing with tax dollars you must spend anyway, you help maximize financial aid for deserving families who desire an RSCA education.
The Georgia Department of Revenue has set a cap/limit of $120 million of state income tax revenue to be redirected to private schools per year. That cap is usually exhausted on the business day of the new year (January, 2025.) Once the cap is met, no new applications are accepted. Therefore, it is imperative to submit your application no later than December 15, 2024.
APPLY NOW
Families who are granted financial aid undergo the same admissions process as all other RSCA families. Georgia GOAL funds help bridge the gap between what a family can afford and the cost of tuition.
SNAPSHOT OF GEORGIA GOAL RECIPIENTS FOR 2024/2025
In the 2024/2025 school year, RSCA was able to assist 50 deserving students with financial aid awarded through Georgia GOAL.
The average award was $1,780.00 per student.
The remaining tuition paid by the families of these 50 students amounts to $306,265 for the 2024/2025 school year. RSCA would not otherwise realize these funds without the Georgia GOAL program.
How Much of My Taxes Can I Contribute?
There are THREE important things to take into consideration when deciding on an amount for your contribution.
1- Dig out your last couple of tax returns to confirm how much income tax you routinely pay to the state of Georgia. Look at line 16 on the Georgia 500 or line 6 on the Georgia 500-EZ form.
2- There is a limit to the amount that can be redirected to Georgia GOAL based on your filing status:
Single Filer → up to $2,500
Married Separate Filer → up to $2,500
Married Joint Filer→ up to $5,000
Pass-Through Owner (not making HB 149 election) → up to $25,000
C Corp, Trust, or Pass-Through electing to pay tax at the entity level (HB 149) → 75% of annual tax liability
3- Once your application is approved, you will have 60 days to fund your approved amount to Georgia GOAL (typically in mid-March of each year). This is an advance pre-payment of income tax for the current year. You will, in essence, be pre-paying income tax approximately one year in advance - ahead of filing your tax return the following year. Make sure you choose an amount you are comfortable pre-paying or funding (in March) when you apply to participate.
Of importance to note: The Georgia GOAL program is immensely popular and the $120 Million cap is routinely exceeded. When this happens, all applications are pro-rated by a percentage that will bring the total down to be in-line with the cap. Georgia GOAL forecasts that the pro-ration for 2025 will be around 50%! This means that you will likely only be approved for approximately half of the amount on your application.
How to Contribute and Take the Tax Credit
1. Click Here to Apply Now - 2025 Application is now open. It just takes 20 seconds! Complete this step no later than 12/15/24.
2. Goal Submits to DOR - GOAL will submit your application to the Georgia Department of Revenue (DOR) on the first business day of January 2025.
3. Approval - By mid-January 2025, 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 2025).
5. Claim Your Tax Credit! - GOAL will send you Form IT-QEE-SSO1 (tax receipt) in May 2025 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).
PLEASE NOTE: Your contribution is not assignable to be used as financial aid for any particular student or students.
Questions? Contact Kim Smith at 678-408-6882 or Ksmith@rsca.info.