Georgia Code
Chapter 2A - Student Scholarship Organizations
§ 20-2A-2. Requirements for Student Scholarship Organizations

Each student scholarship organization:
(1.1) In awarding scholarships or tuition grants, shall consider financial needs of students based on all sources, including the federal adjusted gross income from the federal income tax return most recently filed by the parents or guardians of such students, as adjusted for family size. If the parents or guardians of a student have not filed a federal income tax return in either of the two calendar years immediately preceding the year of application, the student scholarship organization shall consider the financial need of the student based on proof of employment income of the parents or guardians from the 30 consecutive days closest to when the applicant submitted the scholarship application and on any other sources of income, including, but not limited to, unemployment benefits, social security benefits, and child support benefits;
(5.1) In addition to the audit required by paragraph (5) of this Code section, in 2023, the state auditor shall issue an economic analysis report on the performance of this tax credit to the chairpersons of the House Committee on Ways and Means and the Senate Finance Committee. An economic analysis shall include, but not be limited to, a good faith estimate, on both a direct and indirect basis, as to the:
History. Code 1981, § 20-2A-2 , enacted by Ga. L. 2008, p. 1108, § 1/HB 1133; Ga. L. 2011, p. 529, § 1/HB 325; Ga. L. 2013, p. 1061, § 33B/HB 283; Ga. L. 2018, p. 644, § 2/HB 217; Ga. L. 2022, p. 150, § 1-1/HB 517.
The 2018 amendment, effective May 7, 2018, in paragraph (1), in the first sentence, substituted “92 percent” for “90 percent”, “94 percent” for “93 percent”, “95 percent” for “94 percent”, and “96 percent” for “95 percent”; in paragraph (5), revised punctuation in the first sentence and deleted “and” at the end; and added paragraph (5.1). See Editor’s note for applicability.
The 2022 amendment, effective July 1, 2022, in the first sentence in paragraph (1), substituted “including interest earned on deposits and investments of scholarship funds or tuition grants, shall” for “must” four times, and substituted “scholarships or tuition” for “scholarships and tuition” near the end of the second and third clauses; substituted “Shall” for “Must” at the beginning of paragraphs (2), (3), and (6); added the proviso at the end of paragraphs (2) and (6); in paragraph (5), rewrote the first sentence, which read: “Must conduct an audit of its accounts by an independent certified public accountant within 120 days after the completion of the student scholarship organization’s fiscal year verifying that it has complied with all requirements of this Code section, including, but not limited to, financial requirements.”, added the second sentence, substituted “Within 60 days of completion of such audit, each” for “Each” at the beginning of the third sentence, and inserted “, including interest earned on deposits and investments of such funds,” in the fourth sentence; deleted “and” from the end of subparagraph (5.1)(D); and added paragraphs (7) and (8).
Editor’s notes.
Ga. L. 2011, p. 529, § 3/HB 325, not codified by the General Assembly, provides that the 2011 amendment shall be applicable to all taxable years beginning on or after January 1, 2011.
Ga. L. 2013, p. 1061, § 33E/HB 283, not codified by the General Assembly, provides, in part, that this Code section shall apply to all taxable years beginning on or after January 1, 2013.
Ga. L. 2018, p. 644, § 6/HB 217, not codified by the General Assembly, provides that this Code section “shall be applicable to tax years beginning on or after January 1, 2019.

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