GRACE Scholars
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Grace Scholars Drop-In Q&A and Gift Card Grab
Learn how you can put your tax dollars to work for our school and make a difference in the life of a child! Drop by the St. Anne Church Meeting Room between 6 and 7:30 p.m. on December 5th to get questions answered and learn more about GRACE Scholars. CPAs will be on hand. Light snacks will be available. Every attendee can participate in our gift card grab and is guaranteed a gift card! |
Invest in a child's future by putting your tax dollars to work for our school!
Since GRACE Scholars was established in 2009, $1,370,680 in contributions have been designated to help students attend St. Anne-Pacelli Catholic School.
GRACE Scholars (GRACE) is a nonprofit organization that supports Catholic schools, including St. Anne-Pacelli, in the state of Georgia. GRACE is a designated student scholarship organization (SSO) in Georgia which allows Georgia taxpayers who donate to GRACE the ability to receive a 100% tax credit on state income taxes. You are telling the state of Georgia how to spend your tax dollars!
It is now time to register for 2024 tax credits!
TAX CREDIT LIMITS
- Single/head of household: lesser of tax liability or $2,500
- Married filing jointly: lesser of tax liability or $5,000
- Married filing separately: lesser of tax liability or $2,500
- Owners of interests in pass-through entities ('S' corporation, LLC or partnership): lesser of tax liability or $25,000; may not also apply for single or married limits
- 'C' corporation and taxable trusts: up to 75% of estimated tax liability
Frequently Asked Questions
How does GRACE Scholars benefit me?
With GRACE, you are able to make a significant donation to St. Anne-Pacelli Catholic School with money you are already paying in the form of taxes. It is your chance to tell the state of Georgia how to spend your tax dollars.
How does GRACE Scholars benefit St. Anne-Pacelli?
Donations to GRACE Scholars designated for St. Anne-Pacelli Catholic School are used for tuition assistance for families who demonstrate financial need and meet the state guidelines for SSO awards. Every year we have more requests for tuition assistance than we have funds available to award. GRACE funds help more families be able to afford St. Anne-Pacelli. There are currently 45 students ranging from 5th grade to 12th grade who are receiving GRACE Scholars awards at St. Anne-Pacelli. Increased enrollment means St. Anne-Pacelli can provide more courses, programs and activities for all of our students.
What is the difference in a tax credit and a tax deduction?
A tax credit is significantly more beneficial than a deduction. A credit reduces your Georgia taxes dollar-for-dollar. A deduction reduces the taxable income to which the applicable tax rate is applied.
Why do I have to do this now?
There is a $130 million statewide cap on this tax credit program. Once pre-approvals have been issued for that amount, the tax credits are no longer available.
With GRACE, you are able to make a significant donation to St. Anne-Pacelli Catholic School with money you are already paying in the form of taxes. It is your chance to tell the state of Georgia how to spend your tax dollars.
How does GRACE Scholars benefit St. Anne-Pacelli?
Donations to GRACE Scholars designated for St. Anne-Pacelli Catholic School are used for tuition assistance for families who demonstrate financial need and meet the state guidelines for SSO awards. Every year we have more requests for tuition assistance than we have funds available to award. GRACE funds help more families be able to afford St. Anne-Pacelli. There are currently 45 students ranging from 5th grade to 12th grade who are receiving GRACE Scholars awards at St. Anne-Pacelli. Increased enrollment means St. Anne-Pacelli can provide more courses, programs and activities for all of our students.
What is the difference in a tax credit and a tax deduction?
A tax credit is significantly more beneficial than a deduction. A credit reduces your Georgia taxes dollar-for-dollar. A deduction reduces the taxable income to which the applicable tax rate is applied.
Why do I have to do this now?
There is a $130 million statewide cap on this tax credit program. Once pre-approvals have been issued for that amount, the tax credits are no longer available.
GRACE Scholars, Inc., is the official student scholarship organization (SSO) for the schools sponsored by the Roman Catholic Diocese of Savannah. All students receiving GRACE Awards have demonstrated financial need as determined by a third-party analysis of a family’s ability to pay tuition.
Schools in the Diocese of Savannah reserve the right to decline funding from SSOs which do not award scholarships based upon financial need. In addition, the maximum amount of SSO scholarships awarded to students in Diocese of Savannah Schools is the lowest of the following: student’s calculated financial need; 80% of the tuition rate applicable to the student; an index of per-pupil public school spending in Georgia; and, the maximum cap established by the local school.
GRACE Scholars, Inc. welcomes the transfer of students from one SSO to another as allowed by state law. In these instances, the school reserves the right to award GRACE scholarships in accordance with local procedures.
Schools in the Diocese of Savannah reserve the right to decline funding from SSOs which do not award scholarships based upon financial need. In addition, the maximum amount of SSO scholarships awarded to students in Diocese of Savannah Schools is the lowest of the following: student’s calculated financial need; 80% of the tuition rate applicable to the student; an index of per-pupil public school spending in Georgia; and, the maximum cap established by the local school.
GRACE Scholars, Inc. welcomes the transfer of students from one SSO to another as allowed by state law. In these instances, the school reserves the right to award GRACE scholarships in accordance with local procedures.