The program uses a Student Scholarship Organization (SSO) to manage the process. The SSO is a charitable organization in this state that: Is exempt from federal income taxation under Section 501(c)(3) of the Internal Revenue Code and allocates 90 percent of its annual revenue for scholarships or tuition grants to allow students to attend any qualified school of their parents’ choice; and Provides educational scholarships or tuition grants to eligible students without limiting availability to only students of one school. Must obligate 90 percent of its annual revenue for scholarships or tuition grants Must maintain separate accounts for scholarship funds and operating funds May transfer funds to another student scholarship organization Must have an audit conducted of its accounts by an independent certified public accountant within 120 days after the…
The form may be brought to Al Falah Academy or mailed to: GASSO P.O. Box 1752 Cumming, GA 30028
Yes, please call the school or email us at firstname.lastname@example.org and we will schedule time with you to complete the application.
Participating in the program involves two simple steps: Complete the pre-approval form requiring very basic information. This can be done online at GASSO or by printing and completing the form on this site and bringing it to school. Once approved, write a check in the name of GASSO (the processing organization for this program) for the tax credit amount.
A corporation is allowed a credit for qualified education expenses in an amount not to exceed the lesser of the actual amount expended or 75 percent of the corporation’s income tax liability for the tax year, of the corporation, in which the contribution will be made. Any of this lesser amount (amount expended or 75% of the corporation’s income tax liability) that is not used can be used against the succeeding five years’ tax liability.
The amount you can contribute depends on the amount of Georgia taxes you pay and on your filing status. An individual taxpayer is allowed a credit for qualified education expenses as follows: In the case of a single individual or a head of household, the actual amount expended or $1,000.00 per tax year, whichever is less; or In the case of a married couple filing a joint return, the actual amount expended or $2,500.00 per tax year, whichever is less; or In the case of a married couple filing a separate return, the actual amount expended or $1,250.00 per tax year, whichever is less. For an individual taxpayer the credit is further limited and may not exceed the taxpayer’s income tax liability. The amount of the credit that exceeds the…
Since there is a limited amount of funds available for this program, it is expected that the funds will be depleted in the first two days of 2017. Therefore, it is best to take advantage of it as early as possible and have the forms submitted and ready to be entered into the system before the end of 2016.
The team at Al Falah is committed to high-quality, cutting-edge educational innovations that set the standard for excellence in education.
The GA Tax Credit Scholarship Program allows more students to attend private Islamic school—students whose families could otherwise not afford it. This expansion leads to the growth of Islamic schools and the development of leadership in students based on timeless Islamic values.
Contributions are used to provide financial aid to academically qualified students at Al Falah Academy. They allow Al Falah Academy to: offer financial aid to students who meet Al Falah Academy's requirements. allow Al Falah Academy to reallocate money in the budget to other programs.