Frequently Asked Questions (FAQs)

The Oklahoma Equal Opportunity Education Scholarship Act (68 Okla. Stat. §2357.206) (“Scholarship Act”) allows individuals and businesses to receive Oklahoma state income tax credits for contributing to a scholarship granting organization (“SGO”) recognized by the Oklahoma Tax Commission. The SGO then uses those contributions to provide scholarships for eligible students to attend a private school.

The tax identification number associated with the GO for Catholic Schools Tax Credit Scholarship Fund is 83-2415970. As an affiliate of GO for Great Schools Inc., contributions to the GO for Catholic Schools Tax Credit Scholarship Fund are eligible for Oklahoma state income tax credits. GO for Great Schools, Inc. is a recognized SGO under the Oklahoma Equal Opportunity Education Scholarship Act. GO for Catholic, Inc. is a 501(c)3 organization that manages the GO for Catholic Schools Tax Credit Scholarship Fund.

Tax credits directly reduce the taxes you pay on a dollar-for-dollar basis. An Oklahoma state income tax credit is like a gift card from the State of Oklahoma that you can use to pay your state income taxes. For example, with a $1,000 tax credit from the State of Oklahoma, you can pay $1,000 in state income taxes. Individuals and legal business entities (corporations, limited liability companies and partnerships) can contribute to the GO for Catholic Schools Tax Credit Scholarship Fund and receive a state income tax credit from Oklahoma. Individuals can receive up to a $1,000 tax credit annually, married couples can receive up to a $2,000 tax credit annually, and legal business entities can receive up to a $100,000 tax credit annually.

Both tax credits and tax deductions help to minimize the overall taxes you pay. Tax deductions reduce the base of taxable income upon which you pay taxes, which translates into a reduction on the amount of taxes that you pay; however, the value of tax deductions depends upon a number of factors specific to each taxpayer. Tax credits are much more valuable because they directly reduce taxes dollar-for-dollar.

The tax credit earned from contributing through GO is equal to a percentage of the amount you contribute, depending on whether you contribute for a single year or commit to contributing the same amount for two consecutive years. If you are willing to commit in writing to contribute the same amount for two consecutive years (e.g. 2022 and 2023), then the law grants you a tax credit of 75% of the amount contributed each year. If you only want to make a single year contribution, the tax credit is only 50% of the amount contributed.

With the passage of Oklahoma Senate Bill 1080, there is now a total of $50 million in annual state income tax credits available for contributors—$25 Million specifically for contributions through SGOs benefiting private schools and $25 Million specifically for contributions through EIGOs benefiting public schools. The Annual Tax Credit Cap automatically replenishes each year. All SGOs are required to file a report with The Oklahoma Tax Commission in January of each year detailing contributions received during the prior calendar year. The Tax Commission calculates the total amount contributed to all SGOs for the just completed tax year and the total amount of tax credits earned by such contributions and publishes a report on its website by February 15 of each year. If total tax credits earned from contributions to all SGOs in the State for that year exceed the available tax credits for the year, then a portion of the tax credit earned by each contributor to an SGO will be deferred or “suspended” by the Tax Commission on a pro-rata basis so as not to exceed the effective Annual Tax Credit Cap.

NOTE: No tax credits are lost as a result of such deferral, rather the timing of the use of the tax credits by the taxpayer may be delayed. If the Annual Tax Credit Cap was exceeded in one year, the Annual Tax Credit Cap for the following year will effectively be reduced by the amount of the suspended credits (the “Effective Annual Tax Credit Cap”).

Tax credits received from contributing through GO may be used in the immediately following year (to the extent that the Annual Tax Credit Cap is not exceeded). For example, tax credits earned by contributing through GO in 2022 may be used to offset income taxes on your 2022 Oklahoma tax return filed in 2023. In addition, any tax credit not used in a given tax year may be carried over for up to three years. The tax credit is not refundable. You must use it as an offset to Oklahoma income taxes.

GO’s Greatest Need Fund commits 10% of each contribution from every GO Contributor to meet the needs of students and families with the greatest level of financial need across all of our schools. This 10% commitment to the Greatest Need Fund occurs automatically; the remaining 90% may be designated by each GO Contributor to the schools or programs of their choice. 

NOTE: If you want your contribution to benefit students with the greatest financial need equally across all of our Catholic schools wherever the need exists, we encourage you to designate more than the automatic 10% to the Greatest Need Fund.

GO prioritizes meeting the financial need of students with the greatest level of financial need who are referred to as “Tier 1” students in GO’s terminology. Tier 1 students come from families with combined household income and family size below 185% of the Federal Poverty Limit.  For perspective, a family of four (i.e. 2 parents and 2 children) with annual household income of less than $49,025 would be in Tier 1.  

The goal is for GO Greatest Need Fund dollars to be completely and equally disbursed each year as scholarships to Tier 1 students at all of our Catholic schools. This means that students with the same level of verified financial need receive the same amount of Greatest Need Fund dollars, regardless of the school they attend.

Tier 1 students come from families with combined household income and family size below 185% of the Federal Poverty Limits. For example, a family of four with annual household income of less than $49,025 would be in Tier 1. 

GO Tiers of Need (by household income and size):

• Tier 1 = 185% of Federal Poverty Limit
• Tier 2 = 2 x Tier 1
• Tier 3 = 3 x Tier 1

Amounts designated to each GO School Designated Fund will benefit eligible students at that School across all three Tiers of financial need; however, because GO scholarships are need-based, Tier 1 students receive larger individual scholarship amounts than Tier 2 students and Tier 2 students receive larger individual scholarship amounts than Tier 3 students. Approximately 60% of GO’s annual contributions flow to benefit students in Tier 1 with the remaining 40% funding scholarships for students in Tier 2 and Tier 3.

No. As a 501(c)(3) charitable organization, GO cannot accept contributions designated for particular individuals.

Yes. The Scholarship Act requires that each SGO disburse at least 90% of the money it receives each calendar year in the form of scholarships for eligible students during the following academic year, with no more than 10% of contributions available to pay administrative costs. GO was developed in a manner to minimize administrative costs. In addition, since inception, a generous group of benefactors has covered all administrative costs associated with GO, so 100% of scholarship contributions will go directly toward scholarships to defray student tuition in our Catholic schools.

Contributions to the GO for Catholic Schools Tax Credit Scholarship Fund are held either in a checking account at the Bank of Oklahoma or in a reserve account at the Tulsa Community Foundation where funds can be conservatively invested to generate a return while waiting to be deployed to fund scholarships at our schools. All contributions to the GO for Catholic Schools Tax Credit Scholarship Fund are deposited into the Bank of Oklahoma checking account and all scholarship payments are made from that same account.

Contributions to the GO for Catholic Schools Tax Credit Scholarship Fund received by December 31 will count as charitable contributions made during that calendar year for purposes of earning your state income tax credit from Oklahoma and your charitable tax deduction. The tax credit that you earn by contributing through GO in each calendar year may be used to offset your Oklahoma taxable income when you file your tax return for that year (subject to any deferral required as a result of exceeding the Annual Tax Credit Cap). The amount of tax credits earned only depends on the amount of your contribution through GO, the category of contributor you are (single, married, or business), and whether you are willing to make a 2-year written contribution commitment to earn the 75% tax credit versus a 50% tax credit for a single year contribution. The amount of the tax credit that you may claim by contributing through GO in 2022 will be determined by February 15, 2023 and may be claimed when you file your tax return for 2022. Federal and state tax deductions for your charitable contribution to GO in 2022 may also be claimed when filing your 2022 tax return.

You can review the statute itself, Oklahoma Equal Opportunity Education Scholarship Act (68 Okla. Stat. §2357.206). The Oklahoma Tax Commission, which is responsible for carrying out the statute, is another good source of information.