This study seeks to inform the debate over a proposal in Georgia to give tax credits for contributions to organizations that provide scholarships to K-12 private schools. Such a program would extend to K-12 education the philosophy of choice that is inherent in the state's existing Hope Scholarships program for college students. This study constructs a model to determine the fiscal impact of tax-credit scholarships on the state and on local school districts. In addition to allowing Georgia to expand educational opportunity and improve the equity of its education system, a tax-credit scholarship program would generate large fiscal benefits for local school districts, increasing the available resources for students who remain in public schools. Because much of their revenue does not vary with enrollment, school districts would retain much of the funding associated with students who use scholarships to migrate from public to private schools. The overall impact on public schools would be to increase the financial resources available per student. Depending on how the program is designed, it could also result in a fiscal savings to the state budget. Even if it does not produce a savings at the state level, costs to the state would be significantly reduced because public school spending would go down as students leave with scholarships. (Contains 8 figures, 12 tables, and 25 endnotes.) [This study was released jointly by the Friedman Foundation for Educational Choice, Alliance for School Choice, Georgia Public Policy Foundation, Americans for Prosperity, Black Alliance for Educational Options, and Georgia Family Council.]