In 2020, one in four GRACE Scholar recipients came from families with annual incomes (AGI) of $24,287 or less. How would you like to help deserving students in Georgia receive an excellent Catholic education at no cost to you? In exchange for your contribution to GRACE Scholars, you will receive a 100% state income tax credit. Donations become impactful scholarships to the Catholic school of your choice. GRACE limits scholarship assistance to deserving families. Unbiased grant and aid assessment helps to determine awards.
New IRS ruling (June 2019): The previous ruling stated that a donation used as a tax credit on a state return could not be claimed as a charitable contribution on the federal return. However, the new ruling allows individual taxpayers who itemize deductions to treat their donation to GRACE on their federal return as payment of state or local taxes subject to the $10,000 SALT (state and local tax) cap. Donate $1,000 to GRACE and you lower your state of Georgia tax liability by $1,000 (100% of your donation) and if you itemize on your federal return you can treat the $1,000 donation as state and local income tax payments which are deductible up to the $10,000 cap.