Can I claim an Oklahoma credit for donations to my public school district?
Yes! 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.
If you make an eligible contribution and make a written commitment to contribute the same amount for an additional year, the credit will be 75% of the total amount of the contribution made during the taxable year. Any unused credit can be carried over for three years. If claiming the 75% credit, evidence of the written commitment must be provided.
Eligible public school foundation means a nonprofit entity formed pursuant to Oklahoma laws that is exempt from federal income taxation pursuant to either Sec. 501(c)(3) or 509(a) of the Internal Revenue Code of 1986, as amended. Each public school foundation must be approved by the local board of education prior to accepting qualifying donations. Eligible public school district means any public school.
If you make an eligible contribution and make a written commitment to contribute the same amount for an additional year, the credit will be 75% of the total amount of the contribution made during the taxable year. Any unused credit can be carried over for three years. If claiming the 75% credit, evidence of the written commitment must be provided.
Eligible public school foundation means a nonprofit entity formed pursuant to Oklahoma laws that is exempt from federal income taxation pursuant to either Sec. 501(c)(3) or 509(a) of the Internal Revenue Code of 1986, as amended. Each public school foundation must be approved by the local board of education prior to accepting qualifying donations. Eligible public school district means any public school.
