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Georgia Tax Credit Scholarship Program

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Dear FMSA Parents:

As you may have heard, First Montessori School of Atlanta was successful last year in using a State of Georgia initiative to collect funds for the FMSA scholarship program. That same initiative is available again this year, and I’d like to tell you more about what it is, how it works and how you can access it.

Established under House Bill 1133, the Georgia Tax Credit Program allows private citizens and businesses to receive state tax credits for their donations to Georgia Student Scholarship Organizations (SSOs) on behalf of an earmarked (and eligible) private school.  The funds donated provide scholarships to children coming to FMSA from public school as well as children at specific grade levels currently enrolled at FMSA. 

Through this program, you can redirect a portion of your Georgia state income tax liability directly to FMSA to support deserving students AT NO NET COST TO YOU.

However, tax credits are issued by the state on a first-come, first-served basis until an annual cap of $50 million is reached. As of today, almost $31 million of the credits have already been allocated, and it is expected that the $50 million dollar threshold may be reached as soon as November 2011.  Once the cap is fulfilled, the program is dormant until the following year. This program grows in popularity each year, which makes timely action crucial. 

When you make a donation, you receive a dollar-for-dollar Georgia tax credit for the amount of your contribution, with the below limits based on your tax and filing status:
  • Married and filing jointly may contribute up to $2,500;
  • Individual filers may contribute up to $1,000;
  • Married but filing separately may contribute up to $1,250;
  • S-Corps and LLCs have the same maximums as above; and
  • C-Corps may contribute up to 75 percent of state tax liability.

This has huge potential financial benefits for our school as we work together to strategically grow enrollment and reach out to the greaterAtlantacommunity. By bolstering our scholarship fund offerings initially to both incoming students and those entering the Pre-K and Kindergarten years, we are able to help more parents manage the type of education for their children we all believe is so enriching and important for a lifetime of success.  

This year’s process is more streamlined than ever with only a few simple steps necessary, and Apogee, the state-approved SSO we’ve partnered with, allows for payments to be made via credit card on their site.  

Thank you for considering this as part of your overall support to FMSA and for suggesting the program to grandparents, friends and neighbors. If you have questions, feel free to contact me at bjones@mindspring.com or Andrea Restifo at arestifo@firstmontessori.org.

Best,

Bert Jones

Development Committee Chairman

For more information about the program, how it works and how to contribute, visit http://www.apogee123.org/

If you’re ready to contribute, please click here to get started http://www.apogee123.org/contributors/c-information

   
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