The amendment to the Alabama Accountability Act passed in the 2015 regular session of the legislature allows donors to contribute to scholarship granting organizations and claim the tax credits retroactively against their 2014 tax liability. (Since all SGOs only raised $13,311,357 in 2014 whereas the “cap” was $25 million, these leaves a “gap” of $11,688,643 that can be raised this year and counted against 2014. This, plus the fact that the amendment increased the cap to $30 million, means the education trust fund could potentially lose $41.6 million this year.)
So the Alabama Society of Certified Public Accountants emailed a flier from the Alabama Opportunity Scholarship Fund today (June 26) to let folks know that AOSF is open for business on retroactive tax credits.
As I read the flier, I could only think of something that comes in the mail saying that a furniture store is going out of business.
“For a limited time, these credits will be available for tax year 2014. Do not miss this opportunity!
Time is critical in taking advantage of this retroactive donation.
…you can take advantage of this opportunity.”
And the politicians continue to tell us it is all about the kids.