Scholarships
A new law has been passed that provides exciting possibilities for Hopewell Montessori School and our families. Under the new Georgia Private School Tax Credit, all Georgia tax payers are now eligible to receive a dollar-for-dollar state tax credit in exchange for their contribution to a state-approved Student Scholarship Organization (SSO).
A portion of our scholarship funds are distributed to all eligible students enrolled by the February 26, 2010 enrollment deadline. The remaining funds will be allocated on a criteria basis; click here for a printable scholarship application, also due by February 26, 2010. Children entering the elementary program must be enrolled by February 26, 2010 to be eligible for scholarships in all future years.
We have partnered with Apogee Georgia School Choice Scholarship Fund, a state approved Student Scholarship Organization (SSO), to create a school scholarship fund made up of directed Georgia state tax dollars.
Every Georgia taxpayer is allowed to divert some or all of their state tax payment to Hopewell scholarships at no cost to you. In fact, this is a wonderful opportunity for you to have a direct say in how the taxes you’re already paying are spent. This fund will benefit families in need of scholarships, and will become a vital part of our expansion plans for the Elementary Program.
Maximum contributions are $2,500 for married filing jointly and $1,000 for individuals. C-Corporations can contribute up to 75% of their corporate tax liability and receive that amount as a dollar-for-dollar credit on Georgia taxes. These credits are not indefinitely available. The state has placed a cap on the maximum amount of funds that can be contributed during the 2009 tax year. We are now in a race to obtain contributions and receive pre-approval before that cap is reached, and we urgently need your participation.
What is the Qualified Education Expense Credit?
This tax credit was passed into law in July, 2008. Hopewell is excited about the law as it has financial benefits both for you and Hopewell. The state has set aside $50 million in available credits each year, distributed on a first come first served basis.
How can this tax credit benefit both Hopewell and myself?
Under the new law, you can redirect a portion of your Georgia income tax liability to provide scholarship assistance to Hopewell 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. AMT filers should also inquire about additional benefits, which are often quite significant and equal more than the initial dollar-for-dollar credit.
For married couples filing jointly, the maximum tax credit-eligible contribution is $2,500 ($1,000 as an individual). Contributions of any dollar amount up to the maximum allowed are welcome.
How it works?
With a donation to the Apogee Georgia School Choice Scholarship fund, a Georgia state income tax credit is available to you for the tax year the donation is made. Your donation can also be used as a charitable contribution deduction on your Federal tax return. For more FAQs, click here
How to Donate?
Step 1:
Complete Form IT-QEE-TP1.
Complete the Apogee SSO Donation Form.
Make your donation check payable to “Apogee Scholarship Fund”.
Step 2:
Mail Form IT-QEE-TP1, SSO donation form, and donation check to:
Apogee Georgia School Choice Scholarship Fund
3300 Cumberland Blvd, Suite 300
Atlanta, Georgia 30339
*Apogee will process your donation package and submit all necessary paperwork to the Department of Revenue
Step 3:
Applicants will receive an approval letter from the Department of Revenue.
Please forward a copy of the approved IT-QEE-TP1 Form to:
Mail: Apogee Georgia School Choice Scholarship Fund
3300 Cumberland Blvd, Suite 300
Atlanta, Georgia 30339
Fax: 404.419.7101
Email: scholarships@apogee360.com
Your donation check will be held by Apogee until the approval letter is received. Within 30 days of approval date, your donation check will be deposited.
Apogee will mail you the required forms to include with your 2009 tax returns: Forms IT-QEE-SS01 & IT-QEE-TP2.
You will need to include both Form IT-QEE-SS01 and Form IT-QEE-TP2 with your state tax return in order to claim the Education Expense Credit.
For additional questions or assistance, please contact Hopewell or John Panessa (404.419.7123) @ Apogee.
To learn more about the Apogee Georgia School Choice Scholarship Fund, please visit www.apogeescholarships.org