Georgia's State Tax Credit - QEE

New for 2012

• Fill out a form online!
• Smaller Packet with 2 forms only - takes 5 minutes to fill out.
  
• Get your pre-approval now & donate within 60 days of pre-approval

Allowing tax-payers to redirect part of their state taxes to support ILM Academy - at NO cost!

House Bill 1133, enacted in 2008 gives Georgia tax payers the power to re-direct part of their Georgia income tax liablity to a qualified private school which can use these funds to provide scholarships to students. Additional information from the GA Dept of Education on the tax credit can be found here. The AJC covered this tax credit in a recent article here.

Participation comes initially in the form of a donation which is then returned to the donor through a dollar-for-dollar tax credit on the donor's annual state tax return. Donations are subject to the following annual limits for tax credits:

Lesser of Georgia tax liablity or:

• $2500 for married-filing-jointly tax status;
• $1250 for married-filing-separately tax status;
• $1000 for single or head-of-household tax status;
• In addition, corporations are allowed to donate up to 75% of their annual Georgia tax liability.

Alhamdulillah, ILM Academy qualified to participate in this program starting in 2010. Through the school's efforts and the tremendous support from the community, the program was very successful in bringing additional funds to help reduce the cost of education at ILM.

Under the law, tax dollars will be directed to qualified private schools until the annual $50 Million limit is reached for the program. Once the cap is reached, no more donations will be allowed. Participation is easy, so join this great cause and earn the rewards of Sadaqa Jariah (continuous charity) by following the steps below:

Process

1. Either download the Donor Packet or fill an application online.
   
2. Write a check for your donation amount to GASSO, Inc. (This is the government approved SSO that ILM is working with)
   
3. Mail or drop off your completed packet to ILM Academy or GASSO, Inc. If you cannot do either, contact us and we will pick up your packet from your home.

Need Help?

We encourage you to contact our 24x7 support hotline which has been setup to assist donors with any questions they may have regarding the tax credit program. The contact information is:

Phone: 678.310.4456

Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Information Needed on Forms:

1. Name (& Spouse's name for joint filers)
   
2. SSN or tax id (& spouse's SSN or tax id for joint filers)
   
3. Address
4. Phone number
5. Donation check** (This is what you will get tax credit for)
   
6. Email address
7. Signature

** Your Donation Amount will depend on:

• your GA taxable income (GA-500 Line 15) &
  
• your GA tax liability (GA-500 line 16)

You can estimate both of these from your previous year's return, if your financial situation is similar to last tax year. The table below shows what your taxable income should be in order to donate at the maximum limit: