By now you may have heard about Ohio’s new Scholarship Granting Organization (SGO) Tax Credit, and that an SGO was established this year to serve Harambee students called The Columbus Opportunity Scholarship Fund.
For clarification, the SGO board and school administration want to ensure you understand the tax credit program. As we announced, it is a tax credit, which means that people get a one-to-one dollar return from the state on their state income tax liability - up to $750 per individual or $1,500 for couples filing jointly.
However, some individuals do not owe the state any income tax; others owe less than $750. For example, college students generally don’t earn enough annual income to owe state income tax. Individuals who don’t have tax liability but donate to the SGO will not receive a refund from the state. (However, such a gift would still qualify as a standard charitable deduction.)
Before You Donate
Before you donate to the SGO, please check your taxable income and how much you will likely owe the state this tax year. Ideally, you should consult with a tax expert. If you’re confused about your eligibility and do not have access to a tax professional, we do not recommend taking part in the tax credit opportunity.
We see tremendous opportunity for this tax credit to benefit Harambee students; however, it is not our intention for anyone to be surprised by their ineligibility later in the year and receive no money back. As a result, it’s best to promote this opportunity carefully and encourage all who participate to do their due diligence before donating.
If you have questions, don’t hesitate to reach out to Michael Larson at larsonm@columbusopportunity.org.
Make a Gift by December 31st to Receive Your 2022 Tax Credit
Do you understand your tax liability and are ready to make your gift? Click the below button to contribute via Credit Card or ACH.
Checks can also be made out and sent to:
Columbus Opportunity Scholarship Fund 1000 Bonham Avenue Columbus, OH 43211|
Thank you for considering this exciting new opportunity. We can’t wait to see the impact God makes through your generosity.