ATLANTA - Authorities say Georgia nonprofit agencies had to return millions of dollars to taxpayers who wanted to donate money to the popular Georgia Tax Credit Scholarship Program.
The lure of receiving a dollar-for-dollar tax credit for contributions made to support scholarships for public school students seeking a private school education had more people donating faster than ever.
But officials said the program reached its $50 million cap on tax credits in 2011 faster than anticipated. The cap was reached in early November, weeks before the Dec. 31 deadline when a large chunk of last-minute contributions roll in.
Georgia Department of Revenue officials said they rejected the applications of 2,764 taxpayers seeking tax credits for $5.7 million they hoped to contribute in 2011.
(Copyright 2012 by The Associated Press. All Rights Reserved.)
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