Receive Tax Credit and Make a Charitable Donation to TRHS
Thursday, June 14th, 2018
The Tift Regional Medical Center Foundation is encouraging local residents who are considering a charitable donation to TRMC or Cook Medical Center to complete an online contribution form by June 30 to qualify for a 100 percent state tax credit.
“Georgia lawmakers enacted the Georgia HEART tax credit program to provide incentive for taxpayers to contribute to rural hospitals in the state,” said Mandy Brooks, Executive Director of the TRMC Foundation. “Recently, the governor signed legislation that increases the tax credit percentage for contributions to qualified rural hospitals from 90 percent to 100 percent, making this even more attractive to individuals considering a philanthropic gift to TRMC and Cook Medical Center.”
Brooks said taxpayers who itemize deductions on their federal income tax returns will be able to take a charitable income tax deduction for the entire amount of their contributions. By replacing their federal itemized deduction for state and local income taxes paid, which is limited to $10,000, with a 100 percent deductible contribution to a rural hospital, taxpayers can realize significant tax savings.
Those who pay Georgia income taxes are eligible to receive a tax credit for contributing to TRMC and Cook Medical Center from January 1 through June 30 of each taxable year, as follows:
· Individual Filer – 100 percent of the amount contributed, up to a limit of $5,000.
· Married Filing Jointly – 100 percent of the amount contributed, up to a limit of $10,000.
· Pass-Through Entity – 100 percent of the amount contributed, up to a limit of $10,000, so long as they would have paid Georgia income tax in that amount on their share of taxable income from the pass-through entity.
“To sign-up and get pre-approved for a tax credit for contributing to our hospitals, interested parties are asked to complete and submit a 2018 HEART Tax Credit Form at www.georgiaheart.org,” said Brooks. “Georgia HEART will take care of the rest, submitting the tax credit pre-approval request to the state then following-up with an approval notice and payment deadline, and – once the contribution is made – providing taxpayer reporting instructions.”
An important provision of the recent legislation is that, after June 30 of each year, for so long as a portion of the $60 million annual cap on tax credits is available, to offset their Georgia income tax liability, individual taxpayers may make unlimited contributions for a corresponding 100 percent Georgia income tax credit.