Education Tax Credit

🎉 Exciting News for Our Community! 🎉

As of 2023, you have an incredible opportunity to make a real difference in the lives of our students! By donating to the Elgin Schools Education Foundation, you can enrich education for our future leaders and enjoy a fantastic tax credit with the Oklahoma Tax Commission!

Oklahoma Education Tax Credit

Senate Bill 1080

✨ We invite YOU to partner with us in this amazing initiative! Business leaders, we’re looking for a minimum gift of $5,000, while individuals and couples can make an impact with a minimum gift of $2,000. Together, we can fund innovative and creative programs that will transform education in Elgin Public Schools. It's a win-win for everyone!

Thanks to the Oklahoma Equal Opportunity Education Scholarship Act, your generous contributions can help support the Elgin Schools Education Foundation, and here's the best part: you’ll receive a portion of your donation back in state income tax credits!

The Oklahoma Legislature has expanded the Equal Opportunity Scholarship Act to help you make an even bigger impact. You can receive up to 75% of your donation back as a credit! That means you can significantly reduce your Oklahoma state income tax liability while investing in a brighter future for our kids.

Join us in this exciting venture—let's create amazing educational experiences together! Your support makes all the difference! 🌟

Annual Limits

The Oklahoma Education Tax Credit program has annual limits on the state income tax credits the OTC will issue:

$25 million in tax credits may be issued for public education statewide
$200,000 cap for Elgin Public Schools
$1,000 cap for an individual / single filing
$2,000 cap for married filing jointly
$100,000 cap for businesses

Frequently asked questions

Tax Credit FAQs

Individual: $2,000 per year – (A 75% credit will result in a $1,000 credit per year, with a net cost to the donor of $1,000 to make the gift.

Joint: $4,000 per year – (A 75% credit will result in a $2,000 credit per year, with a net cost to the donor of $667 to make the gift.)

Business: $133,334 per year – (A 75% credit will result in a $100,000 credit per year, with a net cost to the donor of $33,334 per year to make the gift.)

If the statewide or district cap is met, the Oklahoma Tax Commission plans to prorate each taxpayer’s credit and the taxpayer will be permitted to use any unclaimed credit in the following year. If the tax credit cap is met, you will receive a letter from ESEF by mid-February of the year following which you made the gift, informing you what percentage of your credit you are able to claim on that year’s taxes.

The information the Elgin Schools Education Foundation provides is not intended to constitute tax or legal advice. All content herein is for informational purposes only. ESEF recommends you consult with your tax professional or financial advisor for tax advice based on your specific financial circumstances.

Education Tax Credit

Oklahoma Education Tax Credit

Senate Bill 1080

Annual Limits

How to give

Requirements

Frequently asked questions

What’s the difference between a tax deduction and tax credit?

How will this impact my federal income taxes?

What amount should I contribute in order to max out my personal or business credit cap (assuming I’m making a 2-year gift commitment and receiving the 75% credit)?

What happens if the statewide or district cap is met?

Can I see an example for a business?