What is the Ohio scholarship tax-credit program?
In 2021, the Ohio General Assembly approved a program that allows Ohio taxpayers to receive a 100% tax credit against Ohio income tax liability for contributions made to a certified Scholarship Granting Organization. The maximum credit amount is $750, or $1,500 if married and filing jointly.
Click here
Click here
Do I need to itemize my taxes to claim the SGO credit?
No.
What is an SGO?
A Scholarship Granting Organization (SGO) is a non-profit 501(c)(3) organization that is approved and certified by the Ohio Attorney General’s Office to receive contributions from donors and grants educational scholarships to eligible students in Ohio.
List of certified SGOs in Ohio:
Click here
How does the tax credit work?
You direct your donation to Cincinnati Islamic School SGO. You will claim this credit when you file your state income tax return.
What is the difference between a tax deduction and a nonrefundable tax credit?
A tax deduction reduces your taxable income. It does not provide a dollar-for-dollar benefit. A tax credit directly reduces the amount you owe in taxes. In the SGO program, each dollar you donate reduces what you owe in taxes by a dollar.
Can I still take my SGO gift as a deduction on my federal taxes?
Your gift to the SGO may be tax deductible if you itemize your deductions. Consult your tax advisor to determine your specific tax situation.
Can my employer match my gift made to Cincinnati Islamic School SGO?
Yes! This is an easy way to double the impact of your gift. Contact your employer for information on how to complete this. You will not receive tax credit for the amount of your company’s matching gift. See if your employer will match your donation! Click Here
How do I check the maximum donation that can get back as SGO tax credit?
Will I receive an acknowledgment that my gift qualifies for the SGO?
Yes. You will receive a receipt that states your contribution. Please keep your email donation receipt as your official record. We’ll send it to you upon successful completion of your donation.
Can I donate to the SGO from my Donor Advised Fund (DAF) and claim the credit?
No. State of Ohio doesn’t allow this. Click here
Can I donate before April 15 and claim the credit 1:1 if I do extended tax filing later?
Yes.
What do I need to do to claim my donation as a tax credit?
You need to submit your donation receipt at time of tax filing and inform your tax agent to include it under state tax credits.