Deadline approaching for tax credits to help youths aging out of foster care | News

ATLANTA – A nonprofit fashioned to assist administer a brand new state tax credit score to help foster youngsters growing old out of the system is working towards a good deadline.

Fostering Success Act Inc. has till Dec. 31 to course of $20 million in annual tax credit the Common Meeting approved final yr. As of the start of this month, $15 million nonetheless remained out there, mentioned Heidi Carr, the group’s govt director.

“We’ve been reaching out to a whole lot of corporations and people to get their purposes in,” she mentioned. “However time is operating out.”

Beneath laws Georgia lawmakers handed unanimously, particular person taxpayers can obtain dollar-for-dollar state earnings tax credit for as much as $2,500 per yr contributed to this system, whereas married {couples} submitting collectively can obtain as much as $5,000. Company donations are restricted to 10% of the corporate’s annual tax legal responsibility.

“They should pay taxes anyway,” Carr mentioned. “This is a chance to make a distinction.”

About 700 younger Georgians age out of the foster care system every year, most with no household to return to after they go away the system.

Carr cited statistics exhibiting 97% of these youths find yourself dwelling in continual poverty, 71% of the women get pregnant inside a yr of leaving foster care, and 81% of the boys encounter police.

“They don’t have anyplace to return to, in order that they find yourself on the road,” she mentioned.

Contributions to the tax credit score program will probably be used for “wraparound” companies – together with housing, meals, and transportation – to assist help these younger folks whereas they attend a college or technical faculty. Former foster care youths ages 18 to 25 are eligible for this system.

“We wish them to study a commerce or get a level,” Carr mentioned.

Fostering Success Act Inc. at the moment is distributing funds raised by the tax credit score to twenty nonprofit organizations, with extra within the pipeline for 2024. A type of is Alpharetta-based FaithBridge Foster Care, which has helped children growing old out of foster care enroll in faculties throughout the state, from Dalton State School in Northwest Georgia to the School of Coastal Georgia and Valdosta State College.

“Over 50% of foster children signal out of foster care at 18,” mentioned John Solberg, vp of youth alternatives at FaithBridge. “They imagine they will help themselves, however they will fall into homelessness and produce other points as a result of they’re not mentally or emotionally ready for the challenges of maturity.”

Purposes for the tax credit score to the Georgia Division of Income are accepted on a first-come foundation. As soon as authorised, taxpayers have 60 days from the date of approval to ship their contribution test or pay on-line.

Carr mentioned she’s not stunned this system is getting off to a gradual begin as a result of the tax credit score is new and a whole lot of taxpayers aren’t conscious of it. Up to now, about 100 youths have contacted her group for assist, she mentioned.

“We have been capable of assist some begin faculty in August, and we’ve got extra lined up for January,” she mentioned. “This offers them hope. Hope is one thing they don’t have a whole lot of.”