Oklahoma Equal Opportunity Education Scholarship Credit

68 O.S. Section 2357.206

The aggregate credits cannot exceed $3.5 million annually for donations to an eligible scholarship-granting organization and $1.5 million annually for donations to an educational improvement grant organization.  If total combined credits claimed for contributions to one organization exceed the cap for that organization, credits not claimed for the other organization may be allocated to the first organization, but no more than $5 million in total credits may be claimed annually.  If the Tax Commission determines the total combined credits claimed for contributions to both eligible scholarship-granting organizations and eligible educational improvement grant organizations exceed $5 million, the Tax Commission shall determine the percentage of the contribution which establishes the proportionate share of the credit which may be claimed by any taxpayer so that the maximum credits authorized are not exceeded.  The credit cannot reduce the tax liability of the taxpayer to less than $0, but any credits allowed but not used in any tax year may be carried over to each of the three (3) years following the year of qualification.

2018

Scholarship-granting organization

For tax year 2018, contributions made to scholarship-granting organizations must be multiplied by 91.1% before the applicable percentage (either 50% or 75%) is applied to calculate the credit. Credits limited under the 91.1% limitation may be carried over to the next tax year. The amount of credit is not to exceed $1000 for a taxpayer filing single or $2000 for a taxpayer filing jointly.

Educational improvement grant organization

For tax year 2018, the full amount of the statutory credit is available for donations to an eligible educational improvement grant organization, which is generally 50% of the amount of contributions. The amount of credit is not to exceed $1000 for a taxpayer filing single or $2000 for a taxpayer filing jointly.

2017

Scholarship-granting organization

For tax year 2017, contributions made to scholarship-granting organizations must be multiplied by 86.5% before the applicable percentage (either 50% or 75%) is applied to calculate the credit. Credits limited under the 86.5% limitation may be carried over to the next tax year. The amount of credit is not to exceed $1000 for a taxpayer filing single or $2000 for a taxpayer filing jointly.

Educational improvement grant organization

For tax year 2017, the full amount of the statutory credit is available for donations to an eligible educational improvement grant organization, which is generally 50% of the amount of contributions. The amount of credit is not to exceed $1000 for a taxpayer filing single or $2000 for a taxpayer filing jointly.

2016

For tax year 2016, the full amount of the statutory credit is available, which is generally 50% of the amount of contributions. The amount of credit is not to exceed $1000 for a taxpayer filing single or $2000 for a taxpayer filing jointly.

2015

For tax year 2015, the full amount of the statutory credit is available, which is generally 50% of the amount of contributions. The amount of credit is not to exceed $1000 for a taxpayer filing single or $2000 for a taxpayer filing jointly.

2014

For tax year 2014, the full amount of the statutory credit is available, which is generally 50% of the amount of contributions. The amount of credit is not to exceed $1000 for a taxpayer filing single or $2000 for a taxpayer filing jointly.

2013

For tax year 2013, the full amount of the statutory credit is available, which is generally 50% of the amount of contributions. The amount of credit is not to exceed $1000 for a taxpayer filing single or $2000 for a taxpayer filing jointly.