Pinnacle Bank Joins the Growing List of Businesses Participating in the Peach Education Tax Credit, Benefiting Newton County Schools
Bank hopes to inspire other businesses to keep their tax dollars local
Newton Education Foundation (NEF) is thrilled to announce that Pinnacle Bank has joined the growing list of Peach Education Tax Credit participants. This innovative Georgia tax credit allows individuals and businesses to redirect a portion of their Georgia tax liability to Newton Education Foundation to fund innovative projects in Newton County Schools. For the 2024 tax year, NEF raised $225,000 through the tax credit program and this year’s goal is $800,000.
The bank first learned about the tax credit from Greg Herring, a member of their Board of Directors. Herring had taken advantage of the tax credit last year through his business Allied Properties. He realized the bank could do the same. “This program is a great way to support our local schools with money that is already owed. I love knowing that some of my tax dollars are going to be invested in educational programming that makes a difference right here in Newton County.”
Lee Garrett, South Region President for Pinnacle Bank, shared why the bank decided to participate, “As a community bank that has been serving Georgia since 1934, the Georgia PEACH Tax Credit appeals to us because we believe in the power of local investment. We hope our participation will inspire other businesses that operate in Newton County to do the same.”
NEF Executive Director Gail Rothman explained the significance of this gift, “It can take a little while for a program like this to catch on, mainly because people think it is too good to be true. It is so important to have long-standing and trusted businesses step up, which in turn, motivates others to do the same.”
The funds raised this year will support professional development for teachers in structured literacy and workforce development initiatives that prepare students for life after graduation. Individuals can redirect up to $2,500 of their state tax liability to NEF, married filers up to $5,000, LLCs and S-Corps up to $25,000 and C-Corps up to 75% of what they owe. For more information about signing up and keeping your tax dollars in Newton County, visit www.newtoneducationfoundation.org/ptc or email info@newtoneducationfoundation.org.
Founded in 2009 and relaunched in 2023, The Newton Education Foundation is an independent non-profit that puts community resources to work for children so they can achieve academic and personal success by removing obstacles, providing opportunities that deepen learning, supporting teachers and strengthening community initiatives.