Still time to help students, get a tax credit

Do you pay Oklahoma state income taxes?

Would you prefer to use your tax dollars to help children receive a Catholic school education instead of simply sending that money to the state?

If the answer to both questions is yes, then consider giving to the Catholic Schools Opportunity Fund before the year ends.

Donors who make a two-year pledge to CSOF receive a 75% Oklahoma state income tax credit for their gift each year. Donors may designate their gift to a particular school or to schools in greatest need.

Gifts are used for tuition assistance. During this school year, 494 students in the Archdiocese of Oklahoma City are benefiting from CSOF scholarships. Eighty-five percent of these recipients are from families that qualify for free or reduced-price meals.

The maximum tax credit each year is $2,000 for couples and $1,000 for single filers. Qualified businesses (LLCs, S-Corps, C-Corps, etc.) can get a tax credit of 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.

In sum, this program is the best vehicle for taxpayers who want to support Catholic schools.

Make a pledge and provide the first-year payment by Dec. 31, then claim the credit on your tax return in the spring. To learn more, visit www.csofok.org or contact me at [email protected] or (405) 709-2700.

Owen Canfield is director of the Catholic Schools Opportunity Fund.