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AJC.com > Legislature > Blog > Archives > 2009 > January > 28 > Entry
DEL.ICIO.USMore than 2,600 take scholarship tax credit
The Atlanta Journal-Constitution
The state of Georgia approved more than $6.5 million in tax credits in 2008 to individuals and corporations who donated money to organizations that give scholarships for students to attend private schools, the Department of Revenue said Wednesday.
The tax credits were approved more 2,627 individuals and 19 corporations, the department said. The General Assembly created the Student Scholarship Tax Credit program in 2008 as a way to encourage private contributions to scholarship funds.
But taxpayers left a lot of money on the table. The state had set aside $50 million for the tax credits, meaning more than $43 million was left unused. A major reason for that is that the program was not created until late spring and it took several months for most of the scholarship organizations to organize and market the system.
Only 10 scholarship organizations received approved donations, the Revenue department said.
The maximum credit allowed is $1,000 for individual filers; $2,500 for married couples filing a joint return; $1,250 for a married person filing a separate return; and 75 percent of a corporation’s income tax liability.
Rep. Earl Ehrhart (R-Powder Springs) has introduced legislation this year that would make it easier for contributors to qualify and streamline the approval process.
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