Give a gift of education to a young lady who wishes to attend St. Vincent’s Academy by choosing to redirect all or a portion of your 2016 Georgia state income tax liability. It is a quick and easy process!
Q: What is GRACE?
A: GRACE Scholars is a Georgia nonprofit corporation and tax exempt charity. In 2008 the organization was founded by Archbishop Wilton Gregory of Atlanta and Bishop J. Kevin Boland of Savannah to take advantage of the SSO/tax credit legislation. GRACE has met the requirements for designation as a student scholarship organization (SSO) in Georgia. Because GRACE is an SSO, Georgia taxpayers can redirect part of their tax liability to GRACE and qualify for a generous tax benefit created by the Georgia legislature – a 100% tax credit. As GRACE is a tax exempt charity (501-c-3 organization), gifts to GRACE also qualify charitable contributions under federal law.
Since 2008 then more than 3,000 taxpayers have redirected part of their Georgia income taxes to GRACE which, in turn, has awarded scholarships to students wishing to attend Georgia Catholic Schools. All students receiving GRACE awards have demonstrated financial need.
Q: What is the 2016 cap on tax credits?
A: $58 million
Q: What are the tax credit amounts by filing status?
1. Couples filing jointly can redirect up to $2,500 of their tax liability
2. Individuals can redirect up to $1,000
3. C-Corporations can designate up to 75% of their Georgia state tax
4. Pass-Through (LLC, S-Corp, Partnerships) can designate up to $10,000
Q: What is the 2016 contribution process?
Step 1: Pre-register with GRACE Scholars.
You can pre-register here . Pre-registration for 2016 begins in July 2015.
For preferred treatment, please submit your pre-registration by December 15, 2015. GRACE will enter pre-registrations into the Georgia Department of Revenue (DOR) online portal on January 1, 2016.
Step 2: Be on the lookout for an approval letter from the DOR in early February.
The letter gives your approval date and the amount of your tax credit.
Step 3: Complete contribution during the 60-day window.
The window starts on the date of approval letter. Contributions cannot be accepted before that date. When the 60-day window closes, the tax credit expires. No extensions are possible.
Visit Ways to Give for contribution methods.
GRACE Scholars will enter all tax credit applications into the Georgia Department of Revenue (DOR) online portal on January 1, 2016. For preferred handling, please submit your pre-registration by December 15, 2015.
The DOR will issue approval letters in early February 2016. You will have a 60-day window to complete your tax credit contribution. The window opens on the date of the approval letter. The date of the letter is the first date that you may contribute. When the 60-day window closes, the tax credit expires. No extensions are possible.
On behalf of our students, faculty, staff and St. Vincent’s families’ thank you to everyone that participated in the Georgia state income tax credit program for 2015. Having these funds as part of our financial aid budget has allowed our School to offer tuition assistance to talented young ladies students that would otherwise have been unable to attend SVA. Like all of our students, these deserving young scholars also bring unique contributions to our School that greatly enhances our school community. Thank you for your support!