by Owen Canfield, director of the Tax Credit Scholarship program
As 2023 winds to a close, be aware of an opportunity to help children attend Catholic schools in the Archdiocese of Oklahoma City – and, as a donor, receive a tremendous tax benefit.
The Tax Credit Scholarship program is helping 568 children attend archdiocesan schools this school year. They received opportunity scholarships provided via $2 million given to the program during 2022 by married couples, individuals and businesses.
The goal this year is to reach or exceed $2 million and help even more children.
Donors who make a two-year pledge to the program receive a 75% state income tax credit for the gift. Note: This isn’t a deduction, it’s a credit, a dollar-for-dollar reduction in state income tax liability.
The maximum credit is $2,000 per year for couples and $1,000 per year for individuals. Meantime, most legal business entities (S-corps, C-corps, LLCs, general partnerships, etc.) can get a credit up to $100,000 per year. If the business operates as a pass-through, the tax credit on the gift can pass through to the owner’s personal tax liability.
During 2022, $1.2 million of the $2 million raised came from businesses; the owners received $900,000 back in tax credits.
For people who pay state income taxes and want to support Catholic education, the Tax Credit Scholarship program is the ticket. The program is a way to redirect tax dollars to benefit students. It’s a winner for kids, their families, donors and parishes.
To claim the credit on their state tax returns in the spring, donors must make the first-year gift by Dec. 31 of this year. It’s not too late. Go to tcsok.org or contact Owen Canfield at [email protected] or (405) 709-2700.
Owen Canfield is director of the Tax Credit Scholarship program.