GA Tax

What is GASSO?

Islamic Institute of Atlanta and Al Furqan Academy partner with the Georgia Student Scholarship Organization to provide scholarships to current and future students. This program provides tax credits to Georgia taxpayers who wish to support educational opportunities to families seeking educational alternatives to the free public school option. When Georgia taxpayers make a private donation to a state-registered SSO, they receive a dollar-for-dollar Georgia tax credit. In other words, you will be donating your GA State Income Tax to Islamic Institute of Atlanta and Al Furqan Academy!

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GASSO PLEDGE

• Georgia Student Scholarship Organization, Inc. (Georgia SSO) is one of the original and largest non-profit SSOs in the State of Georgia.
• GASSO takes a portion of the taxes you already pay to the government and redirects them to a non- profit organization of your choosing.
• The GASSO pledge consists of two steps:
  1) the GASSO Pledge Form,
  2) the GASSO payment.
• The pledge is mandatory for your application to be accepted. It is, however, a non- binding pledge only. Once the pledge has been submitted and verified, GASSO will reach out to you and explain how much you have been approved for and will instruct you on how to proceed.
• NOTE: GASSO is only available to accredited institutions therefore, Islamic Institute of Atlanta’s pledges will be processed through Al Furqan Academy as well. The link should automatically select Al Furqan Academy.
• So, starting this year Al- Furqan has decided to make it mandatory for every parent to pledge for GASSO.
• The GASSO pledge will open on May 1st, 2024.
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As a reminder for 2024, Georgia SSO has gone paperless and will no longer accept paper checks.
Funding options will be ACH (recommended and no fees), Credit Card (3.5% processing service
fee), and PayPal (3.5% processing fee).

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HOW DOES IT WORK?

You can pledge the following amount until the Georgia Tax Scholarship amount has been capped.​

• A married couple filing a joint return can redirect up to $5000 of their income tax payments.
• A single individual can redirect up to $2,500 of his or her income tax payments.
• An individual of a shareholder of an “S” Corporation, or partner in a partnership (pass-through entities) is allowed a Georgia income tax credit for up to $25,000 of the amount they contribute to a SSO (GASSO), so long as they would have paid Georgia income tax in that amount on their share of taxable income from the pass-through entity.
• Corporations can receive a tax credit for amounts contributed to the SSO Scholarship Program and many corporations have done so for “C” corporations, the tax credit is available up to 75% of their annual Georgia income tax liability.

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Steps:

1. The taxpayer will submit his or her 2024 tax credit application by clicking the pledge now button. Al Furqan Academy should automatically be selected.​

2. The SSO submits Taxpayer Application to DOR: On the first business day of January 2024,  They will submit the taxpayer’s request for a 2024 tax credit to the DOR, a confirmation email will be sent to the donor.

3. DOR Informs Taxpayer of Approval: Taxpayer will receive a DOR Approval Letter within 30 days after the request is submitted, indicating the amount for which he or she is approved and the deadline for making payment to the SSO.

4. Taxpayer Makes Payment to the SSO (GASSO): When notified of DOR approval (by DOR Approval Letter or email from the SSO), taxpayer must submit payment to GASSO before his or her 60-day payment deadline.

5. The SSO will award the amount paid to Al-Furqan Academy as scholarship.

6. GASSO will provide taxpayer a Tax Receipt.

7. Taxpayer Claims Georgia Income Tax Credit: When taxpayer files their 2024 taxes, he or she will take a Georgia tax credit and (if taxpayer itemizes) a federal tax deduction

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FAQS

How do I participate in the program?

It’s an easy 2 minute process. Complete the GaSSO Tax Credit Form by December 31st and GaSSO will submit your information on your behalf. GaSSO will receive your approval notice within 30 days. Once your Georgia Department of Revenue approval notice is received, fund your donation to GaSSO within 60 days of your approval date of your letter.​

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When should I fund my donation to GaSSO?

Payment needs to be made after you received approval from the Department of Revenue or email from GaSSO. Payment must be made within 60 days from the date of your approval letter. (Typically Mid-January – Mid March).

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Can I direct my donation to a specific student?

No assumption can be made that a donation will be turned into a scholarship for your child or any specific student!  GaSSO does not accept donations specifically designated to any recipient. Donors would lose their Georgia tax credit. GaSSO is a 501c3 non-profit organization and is bound by the state regulations. As a 501c3, GaSSO is not permitted to accept any donations directed to a specific individual. GaSSO would be jeopardizing its non-profit status and our SSO status.

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Who is Eligible for a Scholarship?

Student eligibility requirements:

• Must be a Georgia resident and be 4 years old by September 1st
• Qualified to enroll in Pre K, Kindergarten, or first grade - automatically eligible
• Was enrolled in public school last year- automatically eligible
  Has ever received a scholarship - automatically eligible

If never attended public school, Second grade and up must attend a Georgia public school for at least six weeks
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The enrollment and six-week public school attendance requirements shall be waived in the case of a student who:

• Based on residence, would be assigned to be a low-performing school
• Documented cases of physical violence or verbal abuse threatening physical harm
• Homeschooled year prior
• Previously received a scholarship

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Does the scholarship award count as income?

No. When receiving a GaSSO’s tax credit scholarship award, there is no requirement to include the amount as income on the State or Federal return.

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Are there any tax filing restrictions to claim my credit?

Yes, you may only claim your credit if you file your taxes electronically.

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I usually get a refund from the state of Georgia. What happens if I donate to GaSSO?

For taxpayers who donate to GaSSO as individuals, married filing separate, or married filing jointly, if your Georgia income tax liability is at least as much as your GaSSO donation, your refund will increase by the amount of your donation. If on the other hand, your state income tax liability is less than the amount of your donation to GaSSO, the amount of the unused credit can be carried forward for up to 5 years.

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For more information visit the GASSO website here.