by Owen Canfield, director of the Tax Credit Scholarship program
Hundreds of students seeking a Catholic school education in 2024-25 will benefit from the $1.77 million in gifts made to the Tax Credit Scholarship program during 2023.
The Tax Credit Scholarship program (TCS) provides donors with a state income tax credit for their gift. Those who make a two-year pledge receive a 75% state income tax credit each year; one-year pledges receive a 50% credit.
During 2023, individuals and businesses gave $1,769,082 to the program. TCS attracted 92 new donors, including eight businesses that gave for the first time. Altogether, 465 individuals and businesses contributed in 2023.
Business gifts have the potential to be transformative. This is because while couples are eligible for a maximum state income tax credit of $2,000 each year and individuals may get a maximum credit of $1,000 per year, qualified businesses can get as much up to $100,000 annually. If the business operates as a pass-through, the tax credit on the gift can pass through to the owner’s personal tax liability.
For this school year, 568 students are attending Catholic schools in the Archdiocese of Oklahoma City thanks to help from the TCS program.
Fundraising for this year is underway. Donors who wish to give to TCS in 2024 may complete a pledge form now and pay their gift any time before Dec. 31. We also are happy to accept gifts paid out monthly via credit card or bank draft if that best suits the donor.
The Tax Credit Scholarship program is a tremendous tool for those who pay Oklahoma state income taxes and want to support Catholic education in the archdiocese. Through the program, donors redirect their state tax dollars to help students attend Catholic schools. Simply put, the program helps students, their families and donors.