The Oklahoma Equal Opportunity Education Scholarship Act allows Oklahomans who donate to eligible public school foundations or public school districts to reallocate tax liabilities and receive a portion of their gift back in state income tax credits.* Gifts to designated educational improvement projects allow donors to support innovative educational opportunities for public school students and save on their state taxes. Couples filing jointly are eligible to receive a tax credit of up to $2,000; a person filing as an individual can receive up to $1,000; and a qualified business entity can receive up to $100,000 in state tax credits. You can make a pledge for a one-time gift or a two-year gift. One-time gifts are eligible for a 50% tax credit, while gifts given in two consecutive years are eligible for a 75% tax credit. The Oklahoma Tax Commission will publish the percentage of the contribution made in the previous year that may be claimed as a credit by contributors by February 15 each year. You can deduct the portion of your gift not reduced by the tax credit from your federal taxes as a charitable gift contribution if you itemize, making the cost of donating to your local public school even lower.* Read the full Act
Pledge Form (Individual) Pledge Form (Corporation) Required Agreement
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Important Tax Credit Information: The tax credit has a statewide cap of $25,000,000 and a district cap of $200,000 annually. If total credits claimed exceeds either cap, the credit to the taxpayer will be a proportionate share of the cap for the taxable year after allocation of any amount of credits not claimed by other eligible organizations and taxpayers under the Act. Credits earned but not allowed due to the application of the statewide cap will be considered suspended and authorized to be used in the next immediate tax year and applied to the next year’s statewide cap. Any credits authorized by the Act allowed but not used in any tax year may be carried over, in order, to each of the three (3) years following the year of qualification.
*All information provided by the Edmond Public Schools Foundation is for information purposes only. Please contact your tax or legal professional for any professional advice. Your donation is not a guarantee of tax credit. For more information, please refer to the Oklahoma Equal Opportunity Education Scholarship Act.
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