CICM Student Scholarship Frequently Asked Questions
What are the Tax credit donation limits?
Individual Donors credit limits:
- Single individual or head of household: - $1,000
- Married filing separate return: - $1,250
- Married couple filing joint return: - $2,500
Small Business Donors credit limit:
- C-corporations: - 75 percent of corporation’s income tax liability.
- S-corporations: - $10,000 per business owner.
- Partnerships: - $10,000 per business owner.
- LLCs: - $10,000 per business owner.
Can I donate via credit or debit card?
Yes. Donate via credit card here.
Should I give now or wait until the end of the year?
• You should give immediately. The tax credit is capped at $58 million annually and once the funds are used up, no future scholarship tax credits donations can be given for the tax year.
• By giving early, your school can better forecast the number of scholarships that can and will be disbursed for the next fall semester.
Do I really receive a tax benefit from donating if I’m an AMT filer?
• Yes, AMT filers will earn up to 29% of their donation amount. Consult your tax advisor for clarification.
What happens if my donation exceeds my tax liability?
• The tax credit is not a “refundable” credit. However it is not lost as any excess over your total current year Georgia income tax will be carried forward for up to 5 succeeding tax years.
What is included in the donation package provided?
• Donation Direction Form (for directing your donation to your school of choice)
What happens to my donation after I mail it to CICM?
• CICM holds your donation until we receive confirmation of approval.
• Once confirmation of approval is received (normally within 60 days), CICM deposits your donation to be used for qualified student scholarships at the school of your choice.
• You may send your donation with your approval form if you wish to hold your funds until approval is received.
What happens to my donation if I mail it to CICM and am not approved by the Department Of Revenue?
• CICM will hold the check and contact you. You may instruct CICM to return or destroy the check, or deposit it as a charitable donation.
What is cicm's taxpayer ID#?
CICM Student Scholarship Organization - taxpayer ID# 58-2600951
How do I notify CICM that I have received my pre-approved Form IT-QEE-TP1 from the Department of Revenue?
• The Georgia Department of Revenue will mail your donation approval to the address you provide us.
• Upon receipt, please Scan and Email or FAX (678-845-0417) or Mail copy to CICM at 3150 Old Atlanta Road, Suite 200 Suwanee, GA 30024.
• This will notify us to process and release your donation to your designated school.