As our Georgia clients are aware, there is a state program which allows its taxpayers to obtain an education expense credit for contributions to qualified scholarship funds (usually referred to as the GOAL scholarship for the largest student scholarship organization). Under this program, there is a budgetary limit on the amount of contributions that can be made each year. The 2012 limit is $51.5 million.
Unfortunately, the 2012 funding limit has been reached and no other contributions are allowed for 2012. Due to the popularity of the program, the funding limit has been reached earlier each year (in 2011 the limit was not reach until November). If you want to take advantage of this program for 2013, it is important that you act early before the funding limit is reached.
If you have any questions regarding this credit or funding for 2013, please do not hesitate to contact us.