What is the maximum amount of Georgia income taxes that an individual can redirect each year to GCSSF?
Each calendar year, as long as there is room available under the $50 million annual cap on tax credits established by HB 1133, a married couple filing a joint return can re-direct up to $2,500 of their income tax payments to GCSSF. The maximum for an individual is $1,000. • If an individual has paid all of his or her estimated Georgia income taxes for a particular tax year and makes a contribution to GCSSF in that year, will he or she still receive a Georgia income tax credit for the amount contributed to GCSSF? Yes. If, after applying the tax credit against the Georgia income tax due and applying all estimated tax payments and withheld income taxes, there is an overpayment, the taxpayer can elect to have all or a portion of the overpayment paid to him or her. • Can corporations contribute to the GCSSF Scholarship Program? Yes, corporations can receive a tax credit for amounts contributed to the GCSSF Scholarship Program, up to 75 percent of their Georgia income tax liability. Presentl
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