Tax credit program would benefit young Georgians aging out of the foster care system if approved
Taxpayers could receive thousands of dollars with the renewal of a Georgia bill that is designed to support foster children.
This tax credit program allows Georgia taxpayers to redirect their tax dollars to assist youth transitioning from foster care.
'It really says our state legislatures are paying attention to what's happening to young people in care,' said Allison Ashe.
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Allison Ashe, President and CEO with Well Root Family Services, told Channel 2 Investigative Reporter Ashli Lincoln these funds are critical in preventing poverty and homelessness.
'At this facility, we provide services for youth who are aging out of care,' Ashe said.
The Atlanta Mission reports that 20% of foster children immediately become homeless after aging out of the system.
The Georgia's Fostering Success Act was passed in 2022 to assist hundreds of Georgia youths who've aged out of foster care. The act provided financial assistance for food, mentoring, educational needs, housing, and more.
In February, house lawmakers passed House Bill 136. It increases the tax credit cap from $20 million to $30 million. Currently, the bill is under consideration by the State Senate. If passed, HB 136 will go into effect July 1.
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The tax credit will provide a dollar-for-dollar tax credit for donors. Single taxpayers can contribute up to $2,500 a year. Married couples can contribute up to $5,000 a year. Businesses can also apply for this tax credit. LLCs and S-corporations can contribute up to $5,000. Large corporations can donate 10% annually.
Wellroot says their goal is to stand in the gap for youth leaving foster care and entering adulthood without family support. These funds will help them expand the capacity of their Transitional Living Program and enable critical, needed services such as life skills training, tutoring, and career development.
'I do feel like we're at a pivotal moment for the child welfare system and I hope people will respond to that moment in time,' Ashe said.
Currently, there are 20 foster support programs benefiting from this tax credit.
You can click here to apply for the tax credit.
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