Direct taxes to Catholic schools

The year is winding down quickly, and soon many will be gathering the necessary documents for tax returns. There is an easy way to ease state income tax liability while helping children attend Catholic schools in the Archdiocese of Oklahoma City.

The Tax Credit Scholarship Program is a true “win-win.” Through the program, donors may redirect a portion of their Oklahoma state income taxes to benefit children attending Catholic schools.

For those who make a two-year pledge, 75% of the gift is eligible to be returned as a state income tax credit. Note: This isn’t a tax deduction, it’s a tax credit – a dollar-for-dollar reduction in state tax liability.

Couples can receive a credit up to $2,000 each year; for single filers, the maximum credit is $1,000 per year.

The program is especially beneficial to qualified business owners, who can receive a state income credit of up to $100,000 per year.

During 2022, individuals and businesses gave $2 million to the Tax Credit Scholarship program. In return, they received about $1.5 million back in credits. Those gifts are making a Catholic school education possible for 568 students in the archdiocese – 12% of all students enrolled.

The Parental Choice Tax Credit, approved this year by the Legislature, will help many families afford a Catholic school education. But the need for assistance will remain. The Tax Credit Scholarship program is vital to helping meet that need.

Simply put, this program allows people to redirect their state tax dollars to help Catholic schools. What a wonderful opportunity.

People considering making a gift by year’s end, can visit tcsok.org or call (405) 709-2700.

Owen Canfield is director of the Tax Credit Scholarship program.