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What tax year is the tax credit for?

2023-09-25T09:20:31-04:00

The tax year is the year that you make your donation to GRACE. Pre-registrations are usually submitted to GRACE the year before the tax year. Tax returns are filed the year after the tax year. Here is an example: Donor submits his/her pre-registration for a 2024 tax credit to GRACE in 2023. Donor makes his/her donation to GRACE in 2024 – that is the tax year. Donor files tax return with the Georgia Department of Revenue for 2024 in 2025. Please note, as long as the cap remains open, donors can continue to register for the tax credit.

What tax year is the tax credit for?2023-09-25T09:20:31-04:00

When can donors make their payments?

2022-04-10T15:44:23-04:00

Donors have 60 days from the date of the approval letter to make their payments. The earliest that donors can make payments is on day one of the 60-day period. When the 60-day period expires, there are no extensions, and the tax credit is void.

When can donors make their payments?2022-04-10T15:44:23-04:00

I received an email from GRACE confirming my pre-registration. Does this mean that I have been approved for a tax credit by the Department of Revenue? When will I know my approval amount?

2022-04-10T15:44:31-04:00

The confirmation e-mail means that you have provided GRACE with the information and authorization to apply for your tax credit to the Georgia Department of Revenue’s online portal. GRACE will apply for your tax credit with the DOR. The DOR has 30 days from the date of the request to notify the donor of approval. Typically, taxpayers receive their approval letters with their approval amounts within a week to ten business days from the date of request.

I received an email from GRACE confirming my pre-registration. Does this mean that I have been approved for a tax credit by the Department of Revenue? When will I know my approval amount?2022-04-10T15:44:31-04:00

Can I pay my tax credit using my charitable fund?

2022-04-10T15:44:40-04:00

No. The Georgia Department of Revenue has ruled that the charitable fund may not be used to pay for a tax credit for an individual (single or married) or a corporation. For more information, contact your tax professional or the trustee/custodian of your charitable fund.

Can I pay my tax credit using my charitable fund?2022-04-10T15:44:40-04:00

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

2022-04-10T15:45:03-04:00

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.

What happens if I donate to GRACE and normally get a refund from the state of Georgia?2022-04-10T15:45:03-04:00

Can a donor to GRACE claiming a tax credit file a Georgia return by paper?

2022-04-10T15:45:15-04:00

No. Georgia Department of Revenue Regulation 560-3-2-.26 requires electronic filing for income tax returns in which series 100 tax credits are claimed, utilized or included in any manner. This is necessary so that the Department’s systems can more efficiently process these returns.

Can a donor to GRACE claiming a tax credit file a Georgia return by paper?2022-04-10T15:45:15-04:00

Can I designate my donation to be split between a GRACE school and a non-GRACE school?

2022-04-10T15:45:23-04:00

Yes. As long as the other school has signed up to participate with an approved Student Scholarship Organization (SSO), you can designate a portion of your donation for that school. GRACE transfers those funds to the SSO affiliated with that school and notifies the SSO partner of the donor information. On the pre-registration form online, select other and type in the name of the school. On a paper form, write-in the name of the non-GRACE school.

Can I designate my donation to be split between a GRACE school and a non-GRACE school?2022-04-10T15:45:23-04:00

What does GRACE do with the donation?

2022-04-10T15:51:58-04:00

GRACE provides tuition assistance to students with demonstrated financial need who wish to attend Georgia Catholic schools that participate in GRACE. Click here for a list of participating schools. You can also designate your contribution to the Board Choice (BC) or the Economically Disadvantaged Family Fund (EDFF), which serves the poorest of GRACE’s families and students. BC and EDFF funds are allocated to schools by the GRACE Board of Directors.

What does GRACE do with the donation?2022-04-10T15:51:58-04:00
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