Opportunity Tax Credits-SB1080

Opportunity
Tax
Credits
SB1080

The Oklahoma Equal Opportunity Education Scholarship Act was an existing law that was expanded in 2021 that now allows Oklahoma tax payers who donate to eligible and approved public school foundations, like the Oklahoma City Public Schools Foundation, to reallocate tax liabilities and receive a portion of their gift back in state income tax credits. This allows donors to support innovative education programs supporting public education students and earn credits on their state taxes.

 

How it works

Available Oklahoma State Tax Credits

Three levels of available credits based on filing status:

  • $1,000 Credit for Individuals
  • $2,000 Credit for Couple filing jointly
  • $100,000 Credit for Businesses

Two Available Tax Credit Levels:

  • 50% one-time gift
  • 75% two-year gift

Oklahoma City Public Schools Foundation Minimum Contribution Levels:

Because of the rigorous reporting requirements, the following minimum contribution levels have been set:

  • Individuals/Couple $1000
  • Businesses $2,500

Approved Programs for 2022 Contributions:

PLEASE CONSULT YOUR PROFESSIONAL TAX ADVISOR FOR SPECIFIC TAX ADVICE.

FAQs

What is a tax credit? How is it different than a tax deduction?
Who is eligible to receive a tax credit?
How much of a tax credit can donors receive?
What is the deadline to contribute and still get a tax deduction?

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