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Wednesday, February 15, 2012 - 12:20pm

Taxpayers Recoup Scholarship Donations

Updated: 2 years ago.
Georgia Department of Revenue officials said they rejected the applications of 2,764 taxpayers seeking tax credits for $5.7 million they hoped to contribute in 2011.

Authorities say Georgia nonprofit agencies had to return millions of dollars to taxpayers who wanted to donate money to the popular Georgia Tax Credit Scholarship Program.

The Atlanta Journal-Constitution reports that the lure of receiving a dollar-for-dollar tax credit for contributions made to support scholarships for public school students seeking a private school education had more people donating faster than ever.

But officials said the program reached its $50 million cap on tax credits in 2011 faster than anticipated. The cap was reached in early November, weeks before the Dec. 31 deadline when a large chunk of last-minute contributions roll in.

Georgia Department of Revenue officials said they rejected the applications of 2,764 taxpayers seeking tax credits for $5.7 million they hoped to contribute in 2011.

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