April 29, 2024
ATLANTA – A nonprofit formed to help administer a new state tax credit to support foster children aging out of the system raised nearly $10 million during its first year.
Legislation the General Assembly passed unanimously last year authorized $20 million for the tax credit.
The state Department of Revenue approved $9.7 million in contributions to Fostering Success Act Inc., donations that came from more than 180 businesses and individuals. As a result, the nonprofit issued funds to help more than 100 young people enroll at 37 universities and technical colleges across Georgia.
“These funds will go a long way to make sure many of these kids who have left foster care can have food to eat, afford to get to work – and most importantly – be able to enroll in college or a technical school so they can find a good-paying job,” Richard L. Jackson, the nonprofit's chairman, said Thursday. “This tax credit will change the trajectory of their lives.”
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. Data from numerous studies shows most who leave foster care end up homeless, in chronic poverty, in jail, or become victims of human trafficking.
Under the legislation, 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.
“We believe as more people learn about our mission and this important tax credit, more companies and individuals will see how they can make a difference in reducing poverty, addiction, homelessness, and incarceration by donating to the beneficial income tax credit,” said Heidi Carr, the group's executive director.
For more information on the tax credit, go to https://fosteringsuccessact.org/.
