Georgia Form It-Qee-Tp1 - Qualified Education Expense Credit Preapproval Form Page 4
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Georgia Form IT-QEE-TP1
(Last Rev. 6/12)
Qualified Education Expense Credit Preapproval Form
Version 2
Georgia Department of Revenue
Preapproval Required
The total amount of credits granted to all taxpayers per calendar year cannot exceed $50 million (indexed for
inflation beginning in 2012). Amounts are allowed on a first come, first served basis. Before making a contribu-
tion to a student scholarship organization, the taxpayer must notify the Department of Revenue of the amount
that the taxpayer intends to contribute to the student scholarship organization. The Department will then preap-
prove or deny the requested amount within 30 days after receiving the request from the taxpayer. The Depart-
ment will mail the preapproval or denial to both the taxpayer and the student scholarship organization. Once
preapproval is received, the taxpayer must make the contribution to the student scholarship organization within
60 days of the date of the preapproval notice received from the Department, and within the calendar year in
which it was preapproved.
Credit Limits
Individual Taxpayers
An individual taxpayer is allowed a credit for qualified education expenses as follows:
(1) In the case of a single individual or a head of household, the actual amount expended or $1,000.00 per tax
year, whichever is less; or
(2) In the case of a married couple filing a joint return, the actual amount expended or $2,500.00 per tax year,
whichever is less; or
(3) In the case of a married couple filing a separate return, the actual amount expended or $1,250.00 per tax year,
whichever is less.
For an individual taxpayer the credit is further limited and may not exceed the taxpayer’s income tax liability. The
amount of the credit that exceeds the taxpayer’s income tax liability can be used against the next succeeding five
years’ tax liability.
Corporate and Fiduciary Taxpayers
A corporation or fiduciary is allowed a credit for qualified education expenses in an amount not to exceed the
lesser of the actual amount expended or 75 percent of the corporation’s or fiduciary’s income tax liability for the
tax year, of the corporation or fiduciary, in which the contribution will be made. Any of this lesser amount
(amount expended or 75% of the corporation’s or fiduciary’s income tax liability) that is not used can be used
against the succeeding five years’ tax liability. A fiduciary cannot pass through the credit to its beneficiaries.
Claiming the Credit
Please attach Form IT-QEE-SSO1and Form IT-QEE-TP2 to your Georgia income tax return when claiming
the credit.
Electronic Filing
Electronic Filing is available for taxpayers claiming this credit. Individual taxpayers that electronically file their
tax return do not have to submit Form IT-QEE-SSO1. Form IT-QEE-SSO1 shall be maintained by the taxpayer
and made available upon request by the Commissioner.
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