Georgia Private School Tax Credit (SSO)
The Georgia Private School Tax Credit program allows Student Scholarship Organizations (SSO) to collect funds from redirection of State of Georgia income tax.  This program funding will provide support for incoming academically and financially eligible Hancock students who are currently enrolled in public school or entering Pre-Kindergarten or Kindergarten.

HDS offers TWO Student Scholarship Organization options:

Chatham SSO(Savannah based) or Apogee Georgia School Choice Scholarship Fund

If you select to work with Chatham SSO, please use the below info for mailing and questions:

Chatham SSO
P.O. Box 16027
Savannah, Georgia 31416
Fax: 912.238.0286
Contact: Connie Darbyshire
912-713-5450
or ckdarbyshire@chathamsso.org

If you select to work with Apogee, please use the below info for mailing and questions:

Apogee Georgia School
Choice Scholarship Fund
3330 Cumberland Blvd, Suite 400
Atlanta, Georgia 30339
Fax: 404.419.7101
Contact: John Panessa
404-419-7123
or jpanessa@apogee360.com

Three Simple Steps to Donate

Step 1: Pre-Qualification

Complete IT-QEE-TP1 Form.
Complete the SSO Donation Form.
Make your donation check payable to the SSO of your choice
Mail Form IT-QEE-TP1, SSO donation form, and donation check.
The SSO will process your donation package and submit all necessary paperwork to the Department of Revenue. Your donation check will be held until the approval letter is received. Within thirty days of the approval date, your donation check will be deposited.

Step 2: Qualification Confirmation

Within thirty days, donor applicants will receive confirmation by way of an approval letter from the Georgia Department of Revenue that the tax credit has been accepted (or, if Georgia has reached its limit of $50 million in tax credits, denied). Forward a copy of the pre-approved document (IT-QEE-TP1 Form) by email, fax or mail to:

Step 3: Final Filing

The SSO will mail you the required Forms IT-QEE-SS01 & IT-QEE-TP2. In order to claim the Education Expense Credit, you will need to include both Form IT-QEE-SS01 and Form IT-QEE-TP2 with your state tax return.

E-filing is now available. If choosing to e-file, please maintain a copy of IT_QEE_SS01 for your records.

TAX CREDIT AMOUNTS BY FILING STATUS

  • Individual - A single individual or head of household will receive a credit against their Georgia income tax liability in an amount equal to the actual amount expended or $1,000 per tax year, whichever is less. Electronic filing of state individual income tax return will not be available for taxpayers claiming this credit.
  • Married Filing Jointly -The amount of the tax credit is equal to the actual amount expended or $2,500 per tax year, whichever is less. Electronic filing of state individual income tax return will not be available for taxpayers claiming this credit.
  • Corporate Donor - State income tax credit limit up to 75% of the corporation’s income tax liability or the actual amount donated, whichever is less. Option to NAME a dedicated scholarship fund in company’s name.

FAQ's

Q.) Where do the monies raised go?

A.) The amounts contributed are used to provide financial aid to academically qualified students who desire to attend HDS. Funds received through this initiative allow Hancock Day School to offer financial aid to students who meet HDS' standards for academic excellence and demonstrate financial need.

Q.) Who is eligible to receive this financial aid?

A.) Qualifying students will be financial aid recipients who are Georgia residents transferring to HDS from a Georgia secondary or primary public school or entering kindergarten or pre-kindergarten program. As with all financial aid offers, monies are awarded through the traditional application process, which requires that the student meets HDS' current standards for academic excellence as well as demonstrate financial need.

Q.) Why should I participate?

A.) Everyone pays taxes. Wouldn't you like to tell the government where to spend some of your tax dollars? Instead of sending those monies to the Department of Revenue, we are asking that you consider redirecting those same funds to Hancock Day School.

Q.) My child is already at HDS, but our family does not receive financial assistance. Why should I participate?

A.) One of HDS' core values is enrollment of a quality student body that reflects socioeconomic, racial, religious and ethnic diversity. This program is just one of the ways that we are seeking to fulfill that value.

Q.) Can this count as my Hancock Fund participation for the year?

A.) No, participation in the tax credit program does not substitute for a gift to the Hancock Fund. They are entirely separate entities. With the tax credit, you are only directing where money you are already paying to the State of Georgia is going. The monies generated are used specifically for the purpose of financial assistance.

On the other hand, a gift to the Hancock Fund is made payable to the school and is a tax deduction, for which you are issued a gift receipt from HDS. These funds are used to cover the operating budget expenses that tuition alone does not cover, and all areas benefit from your participation--academic programs, athletics and physical education, faculty/professional development, financial aid, fine arts, and technology.

Q.) How much will I be expected to contribute?

A.) The amount you elect to redirect to Hancock Day School is up to you; however, there is a maximum amount, which is dependent on how you file your taxes.

Single individuals and head of household tax filers can redirect up to $1,000 of their Georgia income tax and receive a dollar-for-dollar tax credit for the amount redirected.

Taxpayers who are married filing jointly can redirect any amount up to $2,500 of their Georgia income tax and receive a dollar-for-dollar tax credit for the amount redirected.

"Bonus" for taxpayers in AMT (Alternative Minimum Tax): the redirection of tax dollars to this program converts a state income tax deduction (which is added back and subject to AMT tax) to a charitable donation (which is exempt from AMT). As such, these persons can "profit" up to 29% on the amount redirected to scholarships--for example:
$1,000 donation = $1,000 tax credit + $290 AMT savings

$2,500 donation = $2,500 tax credit + $725 AMT savings

C-Corporations are those business entities that are "incorporated" (Inc.), file taxes via IRS From 1120, and are not Sole Proprietors, Partnerships, LLC's, or "S-Corporations." Such corporations can receive an annual tax credit of up to 5% of their Georgia Income Tax. Excess credits can be carried forward for up to 5 years.

Corporate donors who contribute an excess of $100,000 will have the option for "naming" rights for a scholarship fund. This is a powerful incentive that can make a significant difference in the lives of eligible HDS students.

Q.) How long does the process take?

A.) The initial documentation can be completed in just thirty minutes. After submitting the initial documentation, there is a thirty-day qualification process in place to ensure that the $50 million cap on Education Expense Credits has not been exceeded

Q.) How do I participate?

A.) There are three simple steps to receive a tax credit for your contribution:
  1. Pre-qualification
  2. Qualification Confirmation
  3. Final Filing
Detailed instructions are provided in the "Three Simple Steps to Donate".