Tax-credit Private-school Scholarship Funding Explodes in Oklahoma
Many Oklahoma taxpayers are paying less in state income taxes, thanks to contributions made to scholarship granting organizations (SGOs) last year.
It’s a new wrinkle, and many of those opening envelopes from the Oklahoma Tax Commission are in for a pleasant surprise. A single taxpayer contributing $2,000 to an SGO last year will save $1,000 in state income taxes. A couple contributing $4,000 will save $2,000. These are credits, not deductions, based on one-half the contribution. Translation: Every dollar of credit saves one dollar in state taxes.
For those able to give more — think successful small business owners, lawyers, accountants, physicians, software engineers, farmers, ranchers, and other business owners operating as regular C corporations — that letter in the mail this month could generate even greater excitement. The cap on contributions to SGOs for them is $200,000, generating a nice $100,000 “forgiveness” from the tax commission.
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