In 2008, the state of GA passed a law that allows individuals and corporations to redirect a part of their GA state income tax for need based financial aid, generally to private schools. The state allows a $2,500 (for a married couple) tax credit for the contributions. So for example, if you are married and you donate $2,500 through the GA goal program, then you can take a state of GA tax credit for $2,500, which means no net cost to you. A corporation can also take a tax credit of up to 75% of their annual Georgia income tax liability.
To participate, visit the GA goal website at www.goalscholarship.org. As always, seek advice from your tax advisor or your Redwood Wealth Manager for more details.