Register now for your 2024 GRACE tax credit!
GRACE Scholars Inc. Say YES to GRACE in 2024
GRACE Scholars is the only Student Scholarship Organization that supports Catholic Education. GRACE Scholars is a program that provides families financial assistance to send their children to a Catholic School. Pre-registration for 2024 has begun and no payments are necessary until March 2024.
The program for taxpayers allows donors to redirect a portion of their state tax obligation to Holy Redeemer Catholic School in the following ways:
S-Corp/LLC/Partnerships- shareholders of a S-Corp, member of a LLC or partner in a partnership can redirect up to $10,000. (note: $10,000 maximum encompasses individual applications as well. If approved for $2,500 as a join filer, maximum that can be requested is $7,500.)
Individuals can redirect up to $1,000 of their GA tax liability.
Couples filing jointly can redirect up to $2,500 of their GA tax liability.
Married couples filing separately can redirect up to $1,250 of their GA tax liability.
Holy Redeemer Catholic School designation number is #115.
Holy Redeemer currently has 46 students receiving GRACE scholarships.
New IRS ruling (June 2019): The previous ruling stated that a donation used as a tax credit on a state return could not be claimed as a charitable contribution on the federal return. However, the new ruling allows individual taxpayers who itemize deductions to treat their donation to GRACE on their federal return as payment of state or local taxes subject to the $10,000 SALT (state and local tax) cap. Donate $1,000 to GRACE and you lower your state of Georgia tax liability by $1,000 (100% of your donation) and if you itemize on your federal return you can treat the $1,000 donation as state and local income tax payments which are deductible up to the $10,000 cap.
Don’t wait to pre-register with GRACE today. https://gracescholars.org/for-donors/tax-credit-registration-form/
All pre-registration forms will be submitted by GRACE on January 1, 2024 to the State. Don’t Wait!!