The Georgia Department of Revenue (DOR) has announced that the adjusted Qualified Education Expense Credit cap for the 2012 calendar year is $51.5 million. That represents a 3% increase from 2011, based on growth in the Consumer Price Index. As of January 20th, the DOR has already pre-approved over $1.7 million in requested credits, including more than $1 million from donors to Arete Scholars Fund. 

Aileen Dodd of The Atlanta Journal Constitution reports on big news last week concerning tuition tax credit scholarships. The Georgia Department of Revenue announced that the $50 million cap for credits was reached for the first time in the history of the program. Derek Monjure, executive director at Arete Scholars Fund, comments on the significance when he said, "We had a $1 million corporate gift that could not be processed."