Every year, youth are aging out of foster care without stable, caring relationships. Every year nearly 85,000 young adults 18-24 are added to the already growing 2 million homeless young adults living on our streets, in our shelters, and in dangerous situations. In Georgia, the Fostering Success Act is working hard to provide Georgia residents the opportunity to help provide these young adults the support they need with a dollar-for-dollar state tax credit.
On January 1st, the Georgia Foster Care Tax Credit launched! This dollar-for-dollar tax credit, allows taxpayers to contribute annually up to $2,500 for those filing single or up to $5,000 married filing jointly or if a member of a certain type of corporate entity, and, if a corporation, up to 10 percent of its state income tax liability.
The program allows taxpayers to financially support Connections Homes and other nonprofits that share the unique mission of reaching youth that have aged out of foster care. This could allow Connections Homes to receive up to 20 million dollars in funds to help connect young adults aging out of foster care with stable, caring relationships.
The impact of the Fostering Success Act is direct and powerful. Georgia citizens now have the choice between paying taxes to the state of Georgia or providing youth aging out of foster care with tangible support, a sense of belonging and lifelong connection. This measure alone will save taxpayers $40,000 per youth per year.
The Fostering Succes Act is more than a simple tax break. Not only does this tax credit allow taxpayers to choose where their tax money goes, but every dollar that Connections Homes receives thanks to this tax credit will help prevent poverty and homelessness for vulnerable youth aging out of the foster care system. Fostering Success Act allows taxpayer dollars to support costs related to aging out foster youth’s education, mentoring, housing, medical, nutrition, and personal necessities.
At Connections Homes, our hope is that other states see Lt. Governor Duncan’s Fostering Success Act and begin to work towards similar measures with the same large impact! Every young adult deserves the chance to feel supported. Every young adult deserves to have someone to call in the mountaintop and the valley moments. Tax credits like the Fostering Success Act go a long way in making this possible for all young adults! Learn more about the Fostering Success Act today!
Author: Pam Parish