Georgia taxpayers interested in supporting public education may apply to be pre-approved by the Georgia Department of Revenue (DOR) for the PEACH Education Tax Credit. There are limited tax credits available each year ($5 million for 2022), so all interested taxpayers must submit a 2022 tax credit application to the Georgia Foundation for Public Education (GFPE) before making their donation. GFPE will handle the rest and remind you when additional action is required. For instructions on how to apply for the PEACH Education Tax Credit, click here.
Individuals and businesses may contribute up to the following amounts each calendar year, until the annual cap on available education expense credits is reached:
No. In fact you may apply for any amount up to the maximum amount available for your respective tax category. However, if you request and are approved for an amount greater than the amount you actually contribute, the remaining amount you requested is not made available to other taxpayers. For example, if you request and are approved for $1,000 and only contribute $500, the remaining $500 is lost from the available tax credit dollars for that year.
GFPE accepts checks, credit card payments, payment via ACH, or stock donations.
No. As long as you pay state income taxes, you can apply to redirect your state income taxes to GFPE for the PEACH Education tax credit.
A tax credit reduces the amount of taxes you owe, dollar for dollar. For example, if you qualify for a $1,000 tax credit and owe $3,000 in taxes, the credit reduces your tax payment by $1,000. Tax deductions lower your taxable income for the year.
If your income and deductions will not change much from the prior year, you can look at your Georgia income tax return (Form 500) for your income tax liability for the prior tax year and estimate your tax liability accordingly. However, all tax situations are different and you should consult your accountant or other tax professional for the best estimate of your upcoming Georgia income tax liability.
No. The credit is preapproved by the state of Georgia and authorized through the state legislature. GFPE has a solid line of communication with DOR officials responsible for administration of the PEACH Education tax credit and works closely with them to ensure the fair and responsive administration of this program.
All funds donated to GFPE through the PEACH Education Tax Credit are used to support innovation in public schools across the state through a competitive grant application process. If your donation is $10,000 or more, you may direct your donation to a specific school district or school, as long as your child does not attend the school.
Contributions can only be made after receiving pre-approval from the Georgia Department of Revenue. All contributions must be postmarked to GFPE within 60 days of receiving DOR pre-approval unless your pre-approval comes less than 60 days before the end of the calendar year. In that instance, all contributions must be postmarked by Dec. 31 of the applicable year in order to be accepted.
The amount of your tax credit cannot exceed the amount of tax you owe to the state. However, for taxpayers who file as single, married filing separate or married filing jointly any unused tax credit may be applied toward your taxes for up to five future years. It cannot be applied against prior years’ taxes.
Taxpayers who contribute to PEACH as "C" corporations, trusts, or other entities cannot carry-forward any PEACH Education tax credits.
No. This tax credit and all other Series 100 credits are only available if you file your taxes electronically.
For taxpayers contributing less than $10,000, designating dollars is not available. For those contributing $10,000 for more, you may direct for your dollars to support one or more schools or school systems, only if your child does not attend the school.
State law requires that the Department of Revenue inform you of your approval within 30 days of receiving the application.
Yes. If you pay Georgia state income taxes you can contribute, even if you do not physically reside in the state of Georgia.
No. The Georgia Foundation for Public Education is 501(c)3 public charity created to support education excellence in Georgia. It is the nonprofit arm of the Georgia Department of Education. Our funding comes from private donations made by corporations, family foundations and philanthropic minded individuals as well as from the sale of “Educator” and “Support Education” license plates and the PEACH Education Tax Credit. Through competitive grant programs, we invest in meeting pressing needs of schools and districts to ensure student achievement.
GFPE’s tax ID number (FEIN) is 65-1280229.