Qualified Education Donation Tax Credit - Credit Code 140
On this page find information and instructions on Qualified Education Donation Tax Credit.
- Tax Credit Code: 140
Summary
Effective for taxable years beginning on or after January 1, 2018, this credit is allowed on a first-come first-served basis. The aggregate amount of the tax credit allowed to all taxpayers cannot exceed $5 million per tax year for taxable years ending on or before December 31, 2023, or $15 million for the tax year 2024 and all subsequent tax years.
The taxpayer must add back to Georgia taxable income that part of any Federal charitable contribution deduction taken on a Federal return for which a credit is allowed.
Forms
Taxpayers must request preapproval electronically from the Department through the Georgia Tax Center. Credits claimed but not used may be carried forward for five years. For taxable years beginning on or after January 1, 2025, any credits generated but not used may be carried forward for three years.
IT-QED-TP2 Qualified Education Donation Tax Credit Computation
IT-QED-FUND1 Qualified Education Donation Tax Credit Letter of Confirmation
Instructions/Videos
How to Submit a Qualified Education Donation Tax Credit on GTC
How to Submit a Qualified Education Donation Tax Credit (Video)
Relevant Links
Calendar Year Qualified Education Donation Credit Report
Revenue Regulation 560-7-8-.60