The state of Georgia sets aside $120 million in tax credits for Georgia residents each year. The redirection of Georgia tax liability serves as financial assistance to deserving students in independent schools.
Student Service Organizations (SSO) work with the state to administer these funds. Mount Vernon partners with Georgia Private School Tax Credit Program, also known as Georgia GOAL as our SSO.
How It Works
- Anyone with Georgia tax liability would pre-register for their 2025 tax credit before December 15, 2024.
- Then, designate The Mount Veron School as the recipient of your tax credit
- GOAL submits all pre-registrations on the first business day of 2025
- The Department of Revenue sends approval documents to participants in Mid-January 2025
- Participants submit their payments to GOAL within 60 days of approval
- Claim the credits when filing your 2025 taxes
Please note that the Georgia Private School Tax Credit Program redirects tax liability already owed to the state to an independent school of your choosing for financial assistance purposes. Your participation in this program is not related to the MVFund.
Thanks to the support of the Mount Vernon community, more than $2.7 million has been redirected for Mount Vernon financial assistance through the Georgia Private School Tax Credit Program since 2016!
FAQs
The Georgia Private School Tax Credit law allows eligible private citizens and corporations to receive tax credits for donations to the Student Scholarship Organizations (SSO). The SSO will provide student scholarships to parents of eligible children who plan to attend private schools. This tax credit was passed into law in May 2008. The state has set aside $65 million or more in available credits each year, distributed on a first-come, first-served basis.
Mount Vernon has partnered with GOAL Georgia Scholarship Program, Inc., a state-approved Student Scholarship Organization (SSO), to enable the Mount Vernon School community to take advantage of this program. With a donation to GOAL, a Georgia state income tax credit is available to you for the tax year the donation is made. Your donation can be used as a charitable contribution deduction on your federal tax return.
Under the law, you can redirect a portion of your Georgia income tax liability to provide financial assistance to Mount Vernon students. You will receive a tax credit on your state income taxes and a charitable contribution deduction on your federal incomes taxes for the amount donated. Please see “How much tax credit can I take?” to view limits depending on your filing status. Please note that a contribution to GOAL, designated to Mount Vernon, cannot be counted as a gift to the MVFund.
New, incoming students who are currently enrolled in a public school or any rising kindergarten students are eligible to receive these funds, provided that they qualify for need-based financial assistance at Mount Vernon. The Admission Office distributes the monies raised through this program as part of their financial assistance service.
| Tax Filing Status | Limit (New for 2023) |
|---|---|
| Individual Filer | Up to $2,500 |
| Married Separate Filer | Up to $2,500 |
| Married Joint Filer | Up to $5,000 |
| Pass-Through Owner (not making HB 149 election) | Up to $25,000 |
| C Corp, Trust, or Pass-Through electing to pay tax at the entity level (HB 149) | Up to 75% of annual tax liability |
| New for 2023: Business that pays insurance premium tax | Up to 75% of annual tax liability, but credit shall not exceed $1 million |
Please note that a contribution to GOAL, designated to Mount Vernon, cannot be counted as a gift to the MVFund. Your gift will, however, be included in our Impact Ready Annual Report.
Denise McAdoo
Executive Director, Community Giving & Impact