Spread the word about tax credit program

Did you know Oklahoma taxpayers may use their state income taxes to help children attend Catholic school? If you answered “No,” then you aren’t alone.

The Legislature approved the Oklahoma Equal Opportunity Education Scholarship Act in 2011, but it remains a secret to many who stand to benefit.

The statute allows individuals and qualified businesses to receive an Oklahoma state income tax credit for donating to a scholarship granting organization, or SGO. 

The Catholic Schools Opportunity Fund is the SGO that helps students attending the 18 Catholic schools in the Archdiocese of Oklahoma City. For this school year, about 685 students are getting tuition assistance, thanks to the $1.95 million donated by individuals and businesses during 2024. Two-thirds of these students are from families that qualify for free and reduced-lunch meals.

Donors who make a two-year pledge to CSOF receive a 75% tax credit on their gift each year (for one-year pledges, the credit is 50%). Donors may designate their gift to a particular school or to the schools in greatest need.

The maximum tax credit for single filers is $1,000 per year. For couples, the maximum credit is $2,000 per year. However, most legal business entities (LLCs, S-corps, C-corps, general partnerships, etc.) can get a credit of up to $100,000 per year. 

Businesses can tailor their gift amount based on their tax liability and thus erase any state taxes they would have otherwise paid. If the business operates as a pass-through, the tax credit on the gift can pass through to the owner’s personal tax liability.

This program allows individuals and businesses to take their income taxes, which they must pay anyway, and redirect them to help students get a first-rate Catholic education. It is the best vehicle for those wanting to help Catholic schools.

Pledges may be made now with the 2025 donation payable any time before the end of the year. Gifts can be paid monthly via credit card or bank draft. Qualified charitable distributions from traditional IRAs also are accepted.

To make a pledge or learn more, contact me at ocanfield@csofok.org or (405) 709-2700 or
visit www.csofok.org. 

If you already give to CSOF, thank you – and please spread the word. 

Owen Canfield is director of the Catholic Schools Opportunity Fund.