New nonprofit springs up to help process Georgia’s new foster care tax credits

A new nonprofit has launched to help Georgians contribute to a state tax credit program aimed at helping young adults aging out of the foster care system.

Fostering Success Act Inc., named after legislation the General Assembly passed last year, will help taxpayers submit applications to the Georgia Department of Revenue to qualify for the program.

Individual taxpayers can receive dollar-for-dollar state income tax credits for up to $2,500 per year contributed to the program, while married couples filing jointly can receive up to $5,000. Corporate donations are limited to 10% of the company’s annual tax liability.

However, contributors may apply to exceed those limits under a change that has occurred because the program has not reached its $20 million cap. The legislation took effect in January with the beginning of the 2023 tax year.

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About 700 young Georgians age out of the foster care system each year, most with no family to return to after they leave the system. Contributions to the tax credit program will be used for “wraparound” services – including housing, food, and transportation – to help support these young people while they attend college or technical school.

“This is a great opportunity for any Georgia taxpayer – individual or corporation – to designate where their tax dollars are spent,” said Heidi Carr, executive director of Fostering Success Act Inc. “Through the Fostering Success Act … we will be able to do more to reduce poverty, homelessness and despair than any program ever before.”

Applications to the revenue department are accepted on a first-come basis. Once approved, taxpayers have 60 days from the date of approval to send their contribution check or pay online.