Any individual, family or business entity paying taxes in Oklahoma is eligible to contribute to the Fund and receive tax credits.All donors are eligible for Oklahoma tax credits of 50% of the allowable donation amount. Effective January 1, 2015, donors who pledge in writing to give the same amount over three years will receive a 75% tax credit the first year and 50% for years 2 and 3. Businesses should read our FAQ, the text block on the calculator below, and always consult your tax preparer for your specific situation.
Scholarships for Oklahoma StudentsThe Opportunity Scholarship Fund is a Scholarship Granting Organization that provides scholarships to Oklahoma K-12 students to attend accredited private schools in our state. Once a student has received a scholarship, that student and his or her siblings remain eligible until high school graduation or age 21. Students are eligible to apply if they: Live in families with incomes up to 300% of the free and reduced price lunch program ($130,704 for a family of four in 2013-14) -OR- attend or live in the attendance zone of a public school designated at “in need of improvement.”
Benefits for Oklahoma Donors
In 2011, the Oklahoma legislature authorized generous tax credits for donors to Scholarship Granting Organizations (SGOs) like Opportunity Scholarship Fund. These SGOs are nonprofits that must expend at least 90% of their revenues on private school scholarships.
Individuals may contribute up to $2,000 per year. Families and “pass-through business entities”, including subchapter S corporations, may contribute up to $4,000 per year. Other legal businesses, such as “limited and general partnerships, corporations and limited liability companies”, may contribute up to $200,000 annually. Effective January 1, 2015, all “pass-through business entities” will be be treated as all other businesses, and will able to contribute up to $200,000 per year. As always, consult your tax preparer given your specific case.