Fostering Success Act, Inc. Launches to Help Georgians Contribute to New State Foster Care Tax Credit
Credit Will Reduce Tax Burden and Help Youth Aging Out of Foster Care
ALPHARETTA, Ga. (July 24, 2023) – The Fostering Success Act, Inc., a new non-profit, has launched to help Georgians contribute to a new $20 million state tax credit program that will not only reduce their state income tax burden but raises funds to support young adults aging out of the foster care system.
The Fostering Success, Act, Inc., will help taxpayers submit applications to the state for the dollar-for-dollar income tax credits for up to $5,000 for married couples and companies that file as LLCs, S Corporations or Partnerships.
Single individuals can contribute up to $2,500 per year and corporations are limited contributions up to 10 percent of their annual tax liability.
But starting July 1, the program has now changed its contribution restrictions since the $20 million cap has not been reached. That means individuals, couples or companies may apply for and contribute larger amounts to provide more support to the approximately 700 youth who age out of the state’s foster care system each year.
“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. “If you can write a check to this tax credit and virtually wipe out your entire state tax burden for the year, why would you pass it up?”
Carr is encouraging taxpayers across the state to quickly move to apply for approval for the tax credit program with the Georgia Department of Revenue.
The first step to apply for the state tax credit starts here: Qualified Foster Child Donation Credit Preapproval Instructions (fosteringsuccessact.org)
“Through the Fostering Success Act, Inc., we will be able to do more to reduce poverty, homelessness and despair than any program ever before,” Carr said.
The tax credit program -- which launched this year -- is capped at generating $20 million annually, and applications are accepted on a first come basis. The state grants approval based on the application amount compared to the yearly cap. Once approved, taxpayers have 60 days from the date of approval to send their contribution check or pay online to Fostering Success Act, Inc.
From there, Fostering Success Act, Inc. will distribute funds to qualified foster child support organizations through a grant process.
Tax credit monies will be used for “wraparound” services to aid these young adults in pursuing their educational dreams– costs such as housing, food and transportation. This will provide the support they need so they can attend college or technical school and eventually lead a life of independence.
Data from numerous national studies show that kids in foster care face enormous challenges:
- An estimated 55,000 young adults age 18-24 become homeless every year costing society an estimated $89 billion annually.
- 70 percent of human trafficking victims report a history of having once been a foster child.
- 81 percent of young men will spend some time in jail.
- 71 percent of girls report being pregnant during the first year they age of foster care.
- 97 percent of young men and women who age of foster care find themselves in chronic poverty or worse.
More than 700 young adults age out of Georgia’s foster care system annually and most have no family to turn to after they leave the system. Children in foster care have been removed from their parents’ custody due to neglect or abuse.
Each young adult that ages out of foster care and ends up homeless winds up costing taxpayers an estimated $40,000 in community programs annually.
“If we can get these young adults back on track to getting an education or in job training, they can instead become productive citizens of our state,” Carr said.
For more information about the tax credit or to speak with officials with the Fostering Success Act, contact Susan Meyers at Oak Grove Communications: 404-518-2271 or susan@oakgrovepr.com
For more information about the Fostering Success Act, go to: https://fosteringsuccessact.org/