The state House of Representatives voted Monday to increase an income tax credit for Georgia taxpayers who contribute to nonprofit organizations that help foster children who age out of the foster care system.
House Bill 136, which passed 170-2, would raise the annual cap on contributions to the program from $20 million to $30 million. The General Assembly created the tax credit in 2022 to help the approximately 700 youths in foster care who turn 18 and age out of the system each year. Taxpayers wishing to contribute to the program can receive dollar-for-dollar state income tax credits for up to $2,500 annually, while married couples filing jointly can receive up to $5,000. Corporate donations are limited to 10% of the company’s annual tax liability.
The bill now moves to the Georgia Senate.
This article comes to Now Habersham in partnership with WUGA News
