State tax credit program raises $50M for scholarships | Business
ATLANTA -- The Georgia Department of Revenue stamped its approval on $50 million in donations under the Georgia Scholarship Tax Credit Program.
The program lets people and businesses get tax credit for donations to scholarships for Georgia children to attend private schools.
Fifty million dollars is the most allowed under the program. In 2012, the statewide cap on donations will increase by the annual increase in the Consumer Price Index until 2018.
Individuals can donate up to $1,000, while married couples have a donation cap of $2,500. Corporations can donate up to 75 percent of their state income tax liability.
The American Federation for Children estimated more than 6,000 students last year got scholarships to attend private schools through the program.