Georgia Code Title 48. Revenue and Taxation § 48-7-29.21

(1) “Qualified education donation” means a donation made by a taxpayer to the nonprofit corporation incorporated by the Georgia Foundation for Public Education as provided for in subsection (g.1) of Code Section 20-2-14.1 or, prior to January 1, 2022, to the Public Education Innovation Fund Foundation incorporated pursuant to subsection (b.1) of Code Section 20-14-26.1 for the purpose of awarding grants to public schools in this state.

(2) “Recipient” means the nonprofit corporation incorporated by the Georgia Foundation for Public Education as provided for in subsection (g.1) of Code Section 20-2-14.1 or the Public Education Innovation Fund Foundation incorporated pursuant to subsection (b.1) of Code Section 20-14-26.1.

(1) In the case of a single individual or a head of household, the actual amount donated or $1,000.00 per tax year, whichever is less;

(2) In the case of a married couple filing a joint return, the actual amount donated or $2,500.00 per tax year, whichever is less; or

(3) Anything to the contrary contained in paragraph (1) or (2) of this subsection notwithstanding, in the case of an individual who is a member of a limited liability company duly formed under state law, a shareholder of a Subchapter “S” corporation, or a partner in a partnership, the amount donated or $10,000.00 per tax year, whichever is less; provided, however, that tax credits pursuant to this paragraph shall only be allowed for the portion of the income on which such tax was actually paid by such member of the limited liability company, shareholder of a Subchapter “S” corporation, or partner in a partnership.

(d)(1) The tax credit shall not be allowed if the taxpayer designates the taxpayer's qualified education donation for the direct benefit of any particular school or program which the taxpayer's child or children attend.

(2) In soliciting donations, the recipient shall not represent that, in exchange for donating to such recipient, the school a taxpayer's child or children attend shall receive a grant pursuant to subsection (g.1) of Code Section 20-2-14.1 or paragraph (2) of subsection (b.1) of Code Section 20-14-26.1.

(f)(1) In no event shall the aggregate amount of tax credits allowed under this Code section exceed $5 million per tax year.

(2) The commissioner shall allow the tax credits on a first come, first served basis.

(3) For the purposes of paragraph (1) of this subsection, the recipient shall notify a potential donor of the requirements of this Code section. Before making a donation to the recipient, the taxpayer shall electronically notify the department, in a manner specified by the department, of the total amount of donations that the taxpayer intends to make to the recipient. The commissioner shall preapprove or deny the requested amount within 30 days after receiving the request from the taxpayer and shall provide notice to the taxpayer and the recipient of such preapproval or denial which shall not require any signed release or notarized approval by the taxpayer. In order to receive a tax credit under this Code section, the taxpayer shall make the donation to the recipient within 60 days after receiving notice from the department that the requested amount was preapproved. If the taxpayer does not comply with this paragraph, the commissioner shall not include this preapproved donation amount when calculating the limit prescribed in paragraph (1) of this subsection. The department shall establish a web based donation approval process to implement this subsection.

(4) Preapproval of donations by the commissioner shall be based solely on the availability of tax credits subject to the aggregate total limit established under paragraph (1) of this subsection. The department shall maintain an ongoing, current list on its website of the amount of tax credits available under this Code section.