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Completing 2014 Tax Forms

The info below is how individuals and families filing jointly should  claim the tax credits and deductions for donations made to the Opportunity Scholarship Fund. Businesses should consult their tax preparers. STATE TAX CREDIT: The Tax Commission has been provided your donation information and is expecting you to claim the credits. Make sure that you have your receipt letter from the Opportunity Scholarship Fund in case the Oklahoma Tax Commission asks for it after you file. The amount of the credit will be HALF…

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OK Tax Credit Facts

The foundation of the Opportunity Scholarship Fund is the ability to offer Oklahoma tax credits as an inducement to contributors. Tax credits in Oklahoma periodically experience criticism and debate in the Legislature and elsewhere. Listed below are several facts about our Fund and Oklahoma tax credits. Oklahoma allowed 40 different tax credits in 2014. Only two of these credits benefit education. One is for donations to Scholarship Granting Organizations (SGOs) that benefit private school students - such as our Opportunity Scholarship…

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Donors & Tax Preparers

The Opportunity Scholarship Fund (OSF) is one of three Scholarship Granting Organizations (SGO) in Oklahoma. Donations to the OSF create Oklahoma tax credits AND federal and state deductions for charitable contributions. Every donor to the OSF should have received an OSF receipt letter explaining the tax credits and deduction. If you have not, contact our offices and we will assist you. The maximum donation for taxpayers filing individually is $2,000 per year; for families filing jointly is $4,000 per year. Certain business…

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Isabella in Colorado

Published on Apr 25, 2013 (1+ minutes) Isabella's imaginary story shows how a K-12 scholarship tax credit program could work in Colorado. Everybody wins: Kids like Isabella, taxpayers who contribute to nonprofit scholarship organizations, and the public schools that have more money available per student.

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