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GA HB1167
Bill
Status
Introduced
2/6/2024
Primary Sponsor
Rick Townsend
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AI Summary
- Removes the requirement that grants awarded by the Georgia Foundation for Public Education's nonprofit corporation prioritize schools performing in the lowest 5% under the federal Every Student Succeeds Act accountability system
- Increases individual tax credit limits for qualified education donations from $1,000 to $2,500 for single filers/heads of household, from $2,500 to $5,000 for married couples filing jointly, and from $10,000 to $25,000 for members of LLCs, S-corporation shareholders, and partners in partnerships
- Adds a new provision for married couples filing separate returns, allowing a credit of up to $2,500 per individual per tax year
- Eliminates the restriction that prohibited taxpayers from claiming the tax credit when their qualified education donation was designated for the direct benefit of a school or program their own children attend
- Doubles the aggregate annual cap on tax credits from $5 million to $10 million beginning in tax year 2024, with the $5 million cap applying only through the tax year ending December 31, 2023; applies to all taxable years beginning on or after January 1, 2024
Legislative Description
Georgia Foundation for Public Education; prioritizing low-performing schools applicable to the award of grants to public schools by a nonprofit corporation; remove a provision
Last Action
House Committee Favorably Reported By Substitute
2/20/2024
Committee Referrals
Ways and Means2/7/2024
Full Bill Text
No bill text available