The best way to support and expand the Opportunity Scholarship Fund (OSF) is for schools administrators, parents and donors to tell legislators how they feel. This page provides information to share with lawmakers.
IT IS TIME TO RAISE THE TAX CREDIT CAP!
The OSF provides life-changing opportunities to lower-income K-12 students who would not normally receive a pathway to specialized education.
OSF raised over $5.1 million in donations in 2017, a 50 percent increase from the $3.4 million raised in 2016. We expect to raise even more funds in 2018!
In the 2018 legislative session, there are two pieces of legislation, House Bill 3537 and Senate Bill 1384, that will help to ensure donors will continue to receive the credit incentive and increase the number of scholarships we can provide to lower-income Oklahoma families. These bills will raise the tax credit cap for scholarship granting organizations from $3.5 million to $10 million. Passage of these bills is important to help our lower-income families have the same educational opportunities that all Oklahomans should have.
WHY DOES RAISING THE CAP MATTER?
OSF was notified in February the state’s scholarship granting organizations exceeded the tax credit cap for 2017. The tax credits for donors will be 86.5 percent of the amount of credit earned with their 2017 donation. Raising the cap will allow donors to continue to receive the full tax credit benefit for their donation.
WOULD RAISING THE TAX CAP HELP THE STATE’S BUDGET
A study conducted by Oklahoma City University economists in 2017 revealed for every $1 of tax credit issued to scholarship donors, Oklahoma’s budget saved $1.24. Raising the cap will save the state over $4 million! The fiscal impact to the state is determined by the tradeoff of tax revenue and the state’s per-pupil expenditures for common education.
OSF is good for Oklahomans and good for the state budget.