For example, you need pay $10,000 state tax, but you donate $2,500 to support the education, you only pay $7,500 state tax. Due to the reason you get the credit, you will get the 1099 form from the Georgia Department of Revenue which shows the taxable refunds, credits, of state income tax you recieved. If you deducted the tax paid as an itemized deduction on your Federal income tax return, you need pay the tax for the next year. |