The Archdiocese of Atlanta and the Diocese of Savannah formed a nonprofit corporation in 2008 called GRACE Scholars, Inc. to help taxpayers redirect their state income taxes to scholarships to Catholic school students in financial need. Under Georgia law, eligible individual and corporate taxpayers can receive tax credits for donations to student scholarship organizations (SSOs). SSOs will provide student scholarships that will help cover the cost of a private school education for their children in the state of Georgia.
As you know, tax credits are not the same as tax deductions. The difference is significant. With a tax credit, you might owe the State of Georgia $1,500 in state income tax. If you make a $1,000 donation to GRACE Scholars, your tax bill is only $500.
To fulfill the stipulations of this law, the state of Georgia allotted $51.5 million dollars to be made available. The Georgia Department of Revenue recently announced that the $51.5 million cap on education tax credits has been met for 2012! Recently approved taxpayers have 60 days from the date of approval to complete their gifts. The cap will reset in 2013 and will be increased by an inflation factor.
In 2013, please make plans to join Archbishop Gregory and Bishop Hartmayer in supporting scholarships for deserving students in Georgia’s Catholic Schools. To learn more about "giving GRACE," watch the video below, e-mail or call the Parish Office at 912-537-7709.