Georgia House Bill 939 will keep the cap on Georgia’s Tax Credit Scholarship program at $100 million. House Bill 217 (March 2018) made a cap increase from $58 million to $100 million. However, the bill has the cap returning to $58 million by 2029.
We realize this is not an immediate concern, but we also realize how much this scholarship benefits many of our families, and want to keep it as an option for our younger students who may still be enrolled at that time, as well as future students.
The $58 million cap was first exceeded in 2016 (2015 pledge year), which had the approved pledged amounts diminished to keep the totals under the cap. At that time, the approval rate was 91% of what was pledged. During the 2017 and 2018 cycle, the approval rates were 42% and 55%, respectively.
Last year, 2019, we saw not only a marked increase in pledges (42%) over the previous year, with the cap increase, it generated 146% more scholarship money for our students, many of whom would not be able to attend without this assistance.
The chart below shows how amazing our families are, the increase in pledging support as well as fulfilling their commitment. In each instance where the yellow bar (fulfillment) does not meet the red bar (approved amount), there was an unexpected financial situation that reduced the amount they were able to contribute, which is entirely understandable.
As we are embarking on 15 years of helping students reach their full reading potential (you can see our RESULTS), our ultimate goal is to have no child unable to attend because of his/her family’s financial situation. This scholarship, as well as our fundraising events, are essential for that endeavor. The graph below clearly shows the negative impact the $58 million cap had, where red & yellow were considerably below the blue (pledged amount) for 2017 & 2018.
PLEASE REACH OUT to your Representative and share this information.
Also, the 2020 cap has not been met! You can still help!