The info below is how individuals and families filing jointly should claim the tax credits and…
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 may contribute up to $200,000 annually.
OKLAHOMA TAX CREDITS
The tax credit amount is entered on line 39 of the State of Oklahoma tax form OK511CR 2014. The explanation for line 39 is below:
Credit for Contributions to a Scholarship-Granting Organization
A credit is allowed for contributions to an eligible scholarship-granting organization. The credit is 50%* of the amount contributed, not to exceed $1,000 for an individual ($2,000 for a married filing joint return) or $100,000 for a legal business entity. A “scholarship-granting organization” means a nonprofit organization, registered with the Oklahoma Tax Commission, which distributes scholarships so an eligible student, or an eligible special needs student, can attend an elementary or secondary private school. Any credit allowed but not used will have a three-year carryover provision. 68 OS Sec. 2357.206 and Rule 710:50-15-114
Note: The credit has an overall cap. The cap was not exceeded in 2014 therefore all donors will receive credits in the full amount of 50% of the donation amount.