What is an SSO?
What is an SSO?
In 2008, the State of Georgia allowed the creation of State Scholarship Organizations (SSO) whose purpose is to receive donations to be given to Georgia private schools for qualified students. Donors are allowed to receive tax credits from their donations to SSO’s.
The ABC’s of donating to an SSO
A: Approval of Donation
The Georgia Department of Revenue must verify that the $50 million cap has not been met before a donation is made to an SSO. Once you submit your application for pre-approval, the Department of Revenue has 30 days to approve, deny, or change the amount of the contribution.
B: Begin Donating
Once a donation has been pre-approved, a donor has 30 days to contribute to the SSO. All donations must be made in the same calendar year during which they were approved.
C: Claim Your Tax Credit
Donors will be issued a letter of confirmation by the SSO after a contribution is received. This form should be attached to the donor’s annual return in order to claim the credit.
Getting Started
Getting Started:
1. Download the pre-approval form from the website or request one from Coastal Georgia Christian by calling or e-mailing.
2. Submit the completed form to the State of Georgia Department of Revenue.
3. Once approved, write a check to CGCSF and you will receive your donation receipt for tax filing purposes.
It is that easy! Remember, time is running out to get your 2010 donation approved. Our deadline for submitting to the State of Georgia is November 25, 2010.
Where does the donation go?
Where does the donation go?
Once a donation is made, donors can choose which private school the donation will be made. The school and SSO will then decide which eligible student (K4/K5 or that has attended a Georgia public school for at least one school year) will receive the scholarship and in what amounts.
How much tax credit can I receive?
How much tax credit can I receive?
Individuals:
While there is no limit as to how much one may donate, there are limitations on the amount of tax credit donors may receive. The law provides dollar-for-dollar state income tax credit of up to $1,000 per year, per individual or $2,500 for a married couple filing jointly.
Companies:
Donating companies may receive a tax credit of up to 75% of their state income tax liability.
