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View Diary: Georgia gives tax support to schools that expel kids for being gay or not hating gays enough (73 comments)

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  •  jfromga - how much are the max corp contributions? (1+ / 0-)
    Recommended by:
    lyvwyr101

    I noticed that all potential participants have to pre-submit an application, which must be approved, before they can make the contribution. Also, there is an annual state wide cap, which is likely why there is pre-approval process.

    "let's talk about that"

    by VClib on Tue Jan 22, 2013 at 05:42:55 PM PST

    [ Parent ]

    •  Fifty million state wide cap (3+ / 0-)
      Recommended by:
      xxdr zombiexx, yella dawg, lyvwyr101

      so chances are plenty of people will make contributions.

      I don't remember exactly,   but caps at 75% of tax obligation.   The link has a link to the statute.

      I haven't looked at regulations,  so I don't know what pass through options, etc. do to affect small closely held corporations that have S treatment, etc.

      Nevertheless,  the example at the DOR website shows a couple with a $4000 charitable exemption at the federal level calculation, will also get $1500 credit on state taxes after the caps are applied.   That can easily be 25% of the  state tax burden of a family making about $75K.It is a meaningful shift in tax burdens.

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