Form It 511 - Individual Income Tax 500 And 500ez Forms And General Instructions - 2013 Page 5
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32NEW DEVELOPMENTS
designates obligated revenues for specific student recipients,
Increased Exemption Amounts for Married Individuals.
in the case of multiyear scholarships or tuition grants, the
See Line 14 instructions on page 13 for more information.
SSO may distribute the entire obligated and designated rev-
enues to a qualified school or program to be held in accor-
Qualified Investor Tax Credit. This provides a 35% credit for
dance with the Department rule for distribution to the speci-
amounts invested in certain Georgia headquartered small busi-
fied recipients during the years in which the recipients are
nesses. However, the aggregate amount of credit allowed an
projected in writing by the private school to be enrolled at the
individual person for one or more qualified investments in a
qualified school or program. In making a multiyear distribu-
single taxable year, whether made directly or by a pass-through
tion to a qualified school or program, the SSO shall require
entity and allocated to such individual, shall not exceed
that if the designated student becomes ineligible or for any
$50,000.00. The credit is available for investments made in
2011, 2012, 2013, 2014, and 2015. The credit is claimed 2
other reason the qualified school or program elects not to
continue disbursement of the multiyear scholarship or tuition
years later, in 2013, 2014, 2015, 2016, and 2017 respec-
grant to the designated student for all the projected years,
tively. The taxpayer must get approval between September 1
then the qualified school or program shall immediately return
and October 31 of the year the credit is claimed as provided in
the remaining funds to the SSO.
O.C.G.A. § 48-7-40.30 before claiming the credit. This be-
came effective January 1, 2011. See Code Section 48-7-40.30
•
and Regulation 560-7-8-.52 for more information.
Specifies that once the SSO designates obligated revenues
for specific student recipients, in the case of multiyear schol-
arships or tuition grants for which the SSO distributes the
HB 266 (O.C.G.A. § 48-1-2 and 48-7-40.12) There are two
obligated and designated revenues to a qualified school or
sections of this bill (Section 1 and Section 3) that affect in-
program annually rather than in one disbursement, if the des-
come tax. Section 1 is applicable to taxable years beginning
ignated student becomes ineligible or for any other reason
on or after January 1, 2012 (thus it also includes 2013). The
the SSO elects not to continue disbursement for all years,
bill adopts certain provisions of all federal laws related to the
then the SSO shall designate any remaining previously obli-
computation of Federal Adjusted Gross Income (Federal Tax-
gated revenues for a new specific student recipient on or be-
able Income for non-individuals) that were enacted on or be-
fore the end of the following calendar year.
fore January 3, 2013. Please see the Federal Tax Changes
•
section for more information.
Provides that each SSO in awarding scholarships or tuition
grants shall consider financial needs of students based on all
Section 3 clarifies that any tax credits earned for qualified
sources.
research expenses under Code Section 48-7-40.12 in any tax-
•
able year beginning before January 1, 2012, and any
Provides that until obligated revenues are designated for spe-
carryforward attributable thereto, are governed by such Code
cific students, the SSO shall hold the obligated revenues in a
section in effect for the taxable year in which the credit was
bank or investment account owned by the SSO and over which
earned. Section 3 of House Bill 266 became effective upon
it has complete control.
its approval by the Governor on March 5, 2013 and is appli-
cable to all taxable years beginning on or after January 1,
•
Specifies that the audit must verify that the SSO has com-
2012.
plied with all requirements of Code Section 20-2A-2, includ-
ing but not limited to financial requirements. Each SSO shall
provide a copy of the audit to the Department in accordance
HB 283 (O.C.G.A. §§ 20-2A-1, 20-2A-2, 20-2A-3, and 48-7-
with Code Section 20-2A-3.
29.16) The income tax portions of this bill (Sections 33A through
33D) make changes to the Qualified Education Expense Credit
•
Provides that notwithstanding Code Sections 20-2A-7, 48-2-
as follows:
15, 48-7-60, and 48-7-61, if the copy of the audit submitted
fails to verify that the SSO obligated its annual revenue re-
Code Section 20-2A-1:
ceived from donations for scholarships or tuition grants as
•
Changes the definition of “eligible student”.
required by the statute; that obligated revenues were desig-
nated for specific student recipients within the statutory time
Code Section 20-2A-2:
frame; and that all obligated and designated revenue distrib-
•
Modifies the percentage amount that student scholarship or-
uted to a qualified school or program for the funding of multiyear
ganizations (SSOs) must obligate from their revenue received
scholarships or tuition grants complied with all applicable
from donations for scholarships or tuition grants based on the
Department rules, then the Department shall post on its
donation revenue received.
website the details of such failure to verify. Until any such
noncompliant SSO submits an amended audit, which, to the
•
Provides that on or before the end of the calendar year fol-
satisfaction of the Department, contains the required verifica-
lowing the calendar year in which an SSO receives revenues
tions, the Department shall not preapprove any contributions
from donations and obligates them for the awarding of schol-
to the noncompliant SSO.
arships or tuition grants, the SSO shall designate the obli-
gated revenues for specific student recipients. Once the SSO
Page 3
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