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April 16, 2025Tax Day is behind us for another year. For donors to the Catholic Schools Opportunity Fund, the heartburn associated with April 15 was eased considerably.
That’s because individuals and business owners who gave to CSOF received a 75% state income tax credit for their two-year pledge. Their gifts, totaling $1.95 million in 2024, will provide tuition assistance to hundreds of mostly low-income students attending Catholic schools in the Archdiocese of Oklahoma City in 2025-26.
The maximum annual tax credit available through the program is $2,000 for couples and $1,000 for single filers. However, qualified businesses such as LLCs, S-Corps, C-Corps and general partnerships are eligible for a state income tax credit of up to $100,000 per year. For businesses that operate as a pass-through, the tax credit on the gift can pass through to the owner’s personal tax liability.
During 2024, 33 businesses gave to the Catholic Schools Opportunity Fund. Those gifts ranged from $133,000 from large LLCs (tax credit: $100,000) to $4,000 from smaller businesses (tax credit: $3,000).
This program is the epitome of a win-win. Students win through access to the top-flight, Christ-centered education provided by archdiocesan schools. Donors win by being able to take their state income taxes – taxes they must pay anyway – and redirecting them to help a Catholic school.
Particularly if you own a business, large or small, I urge you to explore making a two-year pledge this year to the Catholic Schools Opportunity Fund. The benefits of doing so make too much sense not to consider it.
Contact me at (405) 709-2700 or [email protected], or learn more about the program at www.csofok.org.
Owen Canfield is director of the Catholic Schools Opportunity Fund.