Rob Sellers | August 12, 2020 https://oklahoman.com/article/5668879/point-of-view-private-schools-provide-stability-for-oklahoma-students-parentsThe COVID-19 pandemic has been changing our way of…
TULSA, OKLAHOMA (June 12, 2019) – Yesterday, the U.S. Treasury Department issued final regulations addressing the treatment of charitable contributions to programs that allow for state income tax credits. Under the Tax Cuts and Jobs Act, state and local tax deductions were capped at $10,000. These updated regulations clarify that individuals and businesses cannot get a charitable contribution deduction resulting in state tax credits. However, to protect long-standing tax credit scholarship programs, the Treasury Department offered relief for businesses and certain individual donors to these state-based programs.
Rob Sellers, executive director for the Opportunity Scholarship Fund (OSF), and certified public accountant, released the following statement:
We are glad the U.S. Treasury Department issued final regulations and provided clarity for Opportunity Scholarship Fund donors and member schools regarding how to treat gifts to help low-income students. Additionally, the final rules allow for some additional deduction of the donor’s contribution when the state and local tax (SALT) deduction limitation of $10,000 has not been met.
Our donors continue to support students to find the right schools to meet their learning needs. We appreciate their patience in allowing this regulation to work through the process. Now we can provide assurances our donors will receive the tax benefits allowed by law.
About Opportunity Scholarship FundThe Opportunity Scholarship Fund (OSF) is a 501(c)(3) scholarship-granting organization providing scholarships for lower-income families to afford to attend accredited private K-12 schools in Oklahoma. Students qualify based on standards established by individual member schools’ financial aid criteria and the requirements established by the Oklahoma Equal Opportunity Education Scholarship Act. According to an independent fiscal impact study updated in 2018, the fiscal return to the state is $1.39 of savings for every $1 of tax credit issued based on the state’s per-pupil spending on common education. When accounting for all funding sources, the fiscal return is $2.91 for every $1 of tax credit issued. OSF received the 2019 Gold Seal of Transparency from GuideStar™, demonstrating the organization’s commitment to providing information to the public. Established in late 2014, OSF is the premier scholarship granting organization in Oklahoma. For more information, visit: http://osfkids.org.