Oklahoma Equal Opportunity Education Scholarship Act & Tax Credit Information

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. These contributions are exclusive of other sponsorships and donations. Innovative programming supported by contributions through the Oklahoma Equal Opportunity Scholarship Act supports Texhoma Public Schools Programs.

 

A person filing as an individual can receive up to $1,000;

Couples filing jointly are eligible to receive a tax credit of up to $2,000

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.*

Deadlines
All contributions must be postmarked on or before December 31st. Gifts made by December 31st will be reported to the Oklahoma Tax Commission on January 10th, of the following year, to be considered for credit in year donated.

Texhoma Public Schools will submit the required information to the Oklahoma Tax Commission as confirmation of the donors’ eligibility for a tax credit under the Oklahoma Equal Opportunity Education Scholarship Act. Donors must also submit proof of donation to the Oklahoma Tax Commission when claiming the tax credit.

Contributions and the required signed agreement and Tax Credit Forms should be mailed to: Texhoma Public Schools, c/o Tom Schroeder, P.O. Box 648 Texhoma, OK 73949, or delivered to the office of the Superintendent, 418 Elm Street, Texhoma, OK. Agreements and Forms can be downloaded at www.texhoma61.net.