Ohio Tax Credit
Ohio Tax Credit option for St. Ignatius of Loyola School supporters
What an incredible opportunity to support students while receiving tax benefits! The tax credit for the Catholic Education Foundation – Scholarship Granting Organization program offers Ohio taxpayers the ability to support schools. The Ohio income tax credit is limited to $750 per individual or $1,500 per joint Ohio tax return.
Please join us in this exciting new opportunity. If you have any questions, please contact Liz Schurrer at 513.618.3228 or firstname.lastname@example.org.
What is it?
The State of Ohio has passed a bill that allows a tax credit for qualified donations to a certified Scholarship Granting Organization (SGO). Ohio taxpayers who donate to SGOs may be able to claim a dollar-for-dollar, non-refundable tax credit on their state income tax return for up to $750 per donor (up to $1,500 if married and filing jointly). Important: married couples would need to make their OWN $750 contribution to claim the maximum amount. Separate acknowledgement letters will be provided for documentation of your gifts. See section 5747.73 of the Ohio Revised Code.
Why is this important?
A tax credit is more beneficial to our donors than a tax deduction. It means the donor pays up to $1,500 less in Ohio State taxes.
How does the program work?
The Catholic Education Foundation for the Archdiocese of Cincinnati (CEF) has been certified by Ohio as a scholarship-granting organization (SGO). In keeping with the mission of the CEF and the regulations of an SGO, the CEF-SGO will provide scholarships (based on financial need) to students in grades K-12 in the Catholic schools of our Archdiocese.
Can I select a specific school?
Your donation can be designated to benefit a specific school(s). Gifts that are not designated to a particular school will be available to families with the greatest need across our Archdiocese.
Are corporations eligible for the credit?
No, corporations are not eligible. The only groups eligible for the tax credits are individuals and pass-through entities.
How can I make my contribution?
To claim the “Ohio Scholarship Donation Credit” on your 2022 Ohio Income Tax Return, your SGO contribution must be made by December 31, 2022.
The credit may be claimed annually on your Ohio Income Tax Returns. Therefore, a SGO contribution made during calendar 2023, would be claimed for credit on your 2023 Ohio Income Tax Return.