What happens if I donate to GRACE and normally get a refund from the state of Georgia?

Individual taxpayers (those filing as single, married filing separate or married filing jointly): If your Georgia income tax liability is at least as much as your GRACE contribution, your refund will increase by the amount of your donation. However, if your state income tax liability is less than your donation to GRACE, the amount of the unused credit can be carried forward for five years. C Corporations or owners of pass-through entities cannot carry-forward any education expense tax credits.