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GA SB370
Bill
Status
Engrossed
2/8/2022
Primary Sponsor
Bill Cowsert
Click for details
AI Summary
- Creates a Georgia income tax credit for contributions made to qualified foster child support organizations that serve youth aging out of foster care (ages 16–25), with an aggregate annual cap of $20 million beginning with taxable years on or after January 1, 2023
- Individual taxpayers (single/head of household) are limited to $2,500 and married couples filing jointly to $5,000 in credits during January 1–June 30 of each year; corporations are limited to 10% of their income tax liability during that period, with no individual caps in the second half of the year
- Qualified organizations include the aging-out programs of the Technical College System of Georgia Foundation, the University System of Georgia Foundation, and eligible 501(c)(3) nonprofits that operate aging-out programs, support licensed child-placing agencies, or disburse funds to such entities
- Qualified organizations must spend at least 80% of contributed funds on qualified expenditures such as tuition waiver costs, wraparound services (housing, medical, counseling, transportation, mentorship), and direct cash payments of up to $150 per month to aging foster children
- Unused tax credits may be carried forward for up to five years; contributions require preapproval from the Department of Revenue on a first-come, first-served basis, and suspected fund misuse may be referred to the Attorney General for investigation
Legislative Description
"Fostering Success Act"; enact
Last Action
House Committee Favorably Reported By Substitute
3/25/2022
Committee Referrals
Ways and Means2/10/2022
Finance1/26/2022
Full Bill Text
No bill text available