The 2011 Georgia Eduction Expense Tax Credit (aka GOAL Scholarship Credit) has reached its $50 million annual funding limit.
Under the current law, Georgia taxpayers can fund a portion of their Georgia tax liability to a private school scholarship fund. The annual limit is $1,000 for single taxpayers, $2,500 for married taxpayers and up to 90% of C Corporation’s tax liability.
This is the first time the funding limit has been reached. We anticipate that as more taxpayers become aware of this program the limit will continue to be reached and presumably earlier each year. We recommend that interested taxpayers fund this limit as soon as possible each year.
If you have any questions regarding this program or need assistance with the related paperwork, please do not hesitate to contact us.