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The Oklahoma Equal Opportunity Education Scholarship program offers individuals and businesses a tax credit for qualifying donations to scholarship-granting organizations (SGOs). SGOs are nonprofits that provide private school scholarships to qualifying students.
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 busi- ness entity.
Under Senate Bill 905, employers who host a blood drive by an Oklahoma nonprofit blood donation organization at their business will receive a $20 income tax credit for each verified employee donation. The credits are effective for tax years 2022-27, and total credits are capped at $500,000 per year.
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.
The refundable personal income tax credit for sales tax paid is in the amount of $40 per person and is available to childless households with a total income of $20,000 or less and households with children, a person at least 65 years of age, or a physically disabled person and a total income of up to $50,000.
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The Tax Credit Scholarship program (TCS) awards scholarships to students whose families would not otherwise be able to afford Catholic school tuition.
A credit is an amount you subtract from the tax you owe. This can lower your tax payment or increase your refund. Some credits are refundable they can give you money back even if you dont owe any tax. To claim credits, answer questions in your tax filing software.
Yes! Beginning in tax year 2022, Oklahoma allows a credit equal to 50% of your contributions to an eligible public school foundation or public school district. The maximum credit is $1,000 for single individuals, $2,000 for married individuals filing jointly, and $100,000 for a legal business entity.

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