Georgia’s Qualified Education Expense Tax Credit Legislation
(2008) GA HB 1133
(2011) GA HB 325
Amended the Qualified Education Expense Tax Credit law to:
Including a Consumer Price Index increase
Creating a sunset in 2018
Requiring greater transparency and accountability for SSOs
Maximum annual award limit created for individual students
(2013) GA HB 283
Amended the Qualified Education Expense Tax Credit law to:
Raising the available credits cap to $58 million
Requiring six week public school attendance for eligibility (second grade and above)
Reducing the admin fees which may be charged by SSOs
Requiring SSOs to award scholarships to specific students within one year
Requiring SSOs to consider financial needs of students based on all sources
Prohibiting SSO from awarding scholarships to any individual designated by donor
Prohibiting SSO from promising scholarship in exchange for contribution
Allowing for a tax credit for up to $10,000 for individuals with ownership in pass through entity
(2018) GA HB 217
Amended the Qualified Education Expense Tax Credit law to:
Raising the available credits cap to $100 million for the next 10 years
Reducing the admin fees which may be charged by SSOs
Providing clarity and improved the SSO scholarship reporting process
Requiring State auditors to evaluate the program in five years to determine its financial and economic impact to the State
(2022) GA HB 517
Amended the Qualified Education Expense Tax Credit law to:
Raising the available credits cap to $120 million
Removed the sunset (roll-back) on the credit cap
Increased taxpayer contribution limits to $2,500 for single filers, $5,000 for joint filers, and $25,000 for the owners of pass-through businesses
$6 million of the annual tax credit cap shall be available for use by insurance companies that pay insurance premium tax (rather than income tax)
Enhanced SSO transparency by including recommendations from the Georgia Department of Audits and Accounts