One of the most important and impactful ways to support St. Joseph’s School and Catholic education is to become a GRACE Scholars donor. GRACE is a Student Scholarship Organization (SSO) that allows state taxpayers to take a 100% state income tax credit. Individuals and businesses (LLC, “S” & “C” Corps) are eligible to participate.
GRACE scholarships are awarded to families who show a need through an unbiased grant and aid assessment. Without the tax credits through GRACE, these families would not otherwise we able to provide a Catholic education for their children. The generosity of our GRACE contributors enables SJS to provide financial assistance to numerous families each school year.
The following are the eligibility requirements to apply for GRACE tax credits:
· Married filing jointly: Up to the lesser of $2,500 per year or your Georgia income tax liability.
· Married filing separately: Up to the lesser of $1,250 per year per spouse or your Georgia income tax liability.
· Single or head of household: Up to the lesser $1,000 per year or your Georgia income tax liability. Individuals owning interests in pass through entities (such as ‘S’ corporations, LLC’s, and partnerships) are eligible for an enhanced tax credit of up to $10,000. More information for owners of pass-through entities can be found here.
· ‘C’ corporation: Up to 75 percent of the estimated Georgia income tax liability.
· Fiduciaries (estates and taxable trusts): Up to 75 percent of the estimated Georgia income tax liability. To sign up for your GRACE tax credits, please go to www.gracescholars.org. GRACE will take care of your application and send further action requirements in January. For more information or to sign up go to www.gracescholars.org. You may also contact Penni Zimmerman, director of advancement, at firstname.lastname@example.org.