New Birth Christian Academy K-12
Good News for New Birth Christian Academy! We have a great new source of funding that allows our school’s supporters (parents, relatives, friends and members of the congregation) to actively participate in reviving our wonderful school.
The Georgia Private School Tax Credit law allows tax payers to receive a credit for donations to Georgia Student Scholarship Organizations. SSOs are tax exempt organizations approved by the State to administer the program. The SSO receives contributions then administers scholarships to students at the direction of the school to help cover the cost of tuition and fees.
The Georgia State Legislature annually provides a pool of $50 million of tax credits available to all Georgia taxpayers, both private citizens and corporations. These tax credits are available on a first come first served basis to donors who make contributions to the SSO. We need everyone to participate and get involved with the SSO program quickly. Under this law, donors direct their contributions to the private school of their choice. Thus every donation made to our partner, MySSO.com Inc will come back to us as scholarships to help support our students and the school.
MySSO is one of 30 SSOs approved by the State to work in this program. MySSO was established to bring expertise to the smaller, specialized private schools which often do not get their fair share of the financial benefits this program can provide. Our relationship with MySSO ensures NBCA will receive the attention and support needed to attract the scholarship funds so vital to our school.
How it works – What you do to support NBCA
Complete the application and get approved to donate to the SSO for scholarships to be awarded by NBCA’s scholarship committee. Donations must be made to the SSO which then awards scholarships to students at the direction of NBCA.
Once your donation is received by the SSO you will receive a receipt to file with your 2012 Georgia State income taxes which will reduce your taxes on a dollar for dollar credit basis. The MySSO requests that donations be directed to New Birth by writing the school’s name on your check in the memo section.
Complete the Form TP-1 which advises the Georgia Department of Revenue of the amount you plan to donate and upon approval, reserves tax credit dollars for you. Tax credits entitle you to a reduction in State income taxes equal to the amount of your donations. (See program limits in DOR flow chart below).
Since Tax Credits are awarded on a first come first served basis take action now. When the DOR receives your Form TP 1, you will be approved as long as the annual Tax Credit pool has not been exhausted. Your TP-1 can be delivered or mailed to the school office. This is the quickest way to get approval. The other option is to mail the form to the Department of Revenue at the address shown on page 2 of the form.
Once in the DOR system and reviewed, DOR will notify you and MySSO by mail within 30 days of your request. Once that letter is received you make your donation to the SSO. Make your check payable to MySSO.
Upon receipt of your donation the SSO will notify NBCA that scholarship funds are available. The Scholarship Committee identifies the students and the amounts for each scholarship award and MySSO funds each request within 5 days of request.
The following is how the DOR describes the process on their website and provides the Tax Credit limits.
Prepared by Department of Revenue 11/8/2011
HB 1133 Flow Chart for Donations
(Source: www.doe.k12.ga.us)
Donor contacts Student Scholarship Organization (SSO) and expresses intent to make contribution.
SSO informs potential donor of requirements of code section. Main points:
$50 million per calendar year limit or the adjusted per calendar year limit.
Credits allocated on a first come first served basis.
Credit limits:
- Single individual or head of household--$1,000 or actual amount donated, whichever is less.
- Married filing separate return--$1,250 or actual amount donated, whichever is less.
- Married couple filing joint return--$2,500 or actual amount donated, whichever is less.
- Seventy-five (75%) percent of a corporation’s or trust’s income tax liability or actual amount donated, whichever is less.
Donor notifies Department of Revenue of the total amount he/she intends to donate to Student Scholarship Organization and requests pre-approval of the credit using Form IT-QEE-TP1.
Within 30 days Department of Revenue pre-approves, denies, or reduces the requested amount based on availability of tax credits remaining against the $50 million per calendar year limit.
Donor must make the contribution to the SSO within 60 days of the date printed on DOR’s approval notice. All donations must also be made to the SSO prior to the end of the calendar year in which the donation was pre-approved.
SSO provides a letter to the donor confirming the dollar amount of the donor’s contribution using Form IT-QEE-SSO1. The law requires the donor to file this letter with their tax return. Form IT-QEE-SSO1 shall be maintained by the taxpayer and made available upon request by the Commissioner.
NOTE: Scholarship money will be distributed by the Student Scholarship Organizations not by the Department of Revenue.
More About MySSO
MySSO is one of 30 student scholarship organizations authorized by the State of Georgia to administer the qualified education expense program. MySSO was formed at the request of parents and school administrators from several of the smaller private schools in this area. MySSO has excelled at providing service and support to schools like NBCA.
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