For many families, choosing Catholic education can seem far out of reach. You may be able to help them by redirecting up to 100% your Alabama income tax liability to a scholarship granting organization (SGO) at no cost to you through the Alabama Accountability Act. We have students at Prince of Peace Catholic School who benefit from these scholarships.
In May, Governor Ivey signed into law a bill that allows donors to allocate 100% of their Alabama income tax liability to the SGO program, up from 50% previously allowed. The law is retroactive to January 1, 2022, so if you have already contributed up to 50%, you can now make additional contributions up to the new 100%/$100,000 individual limit! Corporations have no dollar amount cap and can give 100% of their tax liability.
The program’s tax credits are not expected to last until the end of the year. Please act quickly to make your tax credit reservations so that you don’t miss this opportunity to support Catholic schools. Please make your donations, if possible, with the third quarter estimated tax payment, which is due on September 15. To find out more about this opportunity and how to allocate tax liability, simply contact your tax accountant or click here.