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*Please consult your professional tax advisor for specific tax advice.
The Oklahoma Equal Opportunity Education Scholarship Act (68 Okla. Stat. §2357.206) (“Education Tax Credit Law”) allows individuals and businesses to receive Oklahoma state income tax credits for contributing to an educational improvement granting organization (“EIGO”) recognized by the Oklahoma Tax Commission. The EIGO then uses those contributions to fund innovative educational programs for public schools throughout Oklahoma.
GO for Public Schools is the trade name of GO for Great Schools, Inc. (“GO”), which is an educational improvement granting organization under the Education Tax Credit Law that develops, funds and monitors innovative educational programs for public schools in Oklahoma. GO is an independent 501(c)(3) organization established to assist communities and public schools across Oklahoma in gaining functional access to the benefits of Oklahoma’s Education Tax Credit Law.
The tax identification number for GO for Great Schools, Inc. dba GO for Public Schools is 83-2415970
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.
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, including your taxable income which determines your tax rate, whether you itemize deductions, the application of phase outs of certain deductions, and whether the alternative minimum tax applies to you.
Both tax credits and tax deductions help to minimize the overall taxes you pay, but tax credits are much more valuable because they directly reduce taxes dollar-for-dollar.
Individuals and legal business entities (corporations, limited liability companies and partnerships) can contribute to the GO for Public Schools Education Tax Credit 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.
The tax credit earned by 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. 2024 and 2025), 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.
Yes, the Education Tax Credit Law sets a statewide cap on the aggregate amount of tax credits that may be claimed each year; however that amount was substantially increased by an amendment that was signed into law in 2021.
As of January 1, 2022, the Education Tax Credit Law sets aside $25 Million in annual tax credits exclusively for contributors to EIGOs like GO for Public Schools (and other eligible organizations) and another $25 Million in annual tax credits exclusively for contributors to SGOs, for a total of $50 million in annual tax credits (collectively, the “Annual Tax Credit Cap”). Furthermore, any tax credits available to contributors to EIGOs that are not utilized each year will be used to benefit contributors to SGOs, and vice-versa.
To be clear, the total Annual Tax Credit Cap of $50 million automatically replenishes each year.
All EIGOs 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 EIGOs (and other eligible organizations) 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. Link to OTC Annual Announcement.
If total tax credits earned from contributions to all EIGOs (and other eligible organizations) 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 EIGO 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 2024 (to the extent not deferred or suspended) may be used to offset income taxes on your 2024 Oklahoma tax return filed in 2025. 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.
Yes! Senate Bill 1080 was signed into 2021 and amended the Education Tax Credit Law in significant ways. Most importantly, for 2022 and beyond, the Annual Tax Credit Cap applicable to EIGOs like GO for Public Schools was increased to $25 million.
Because of this substantial increase in the Annual Tax Credit Cap, it is unlikely that tax credits earned by each contributor to an EIGO will be deferred or “suspended” by the Tax Commission in 2024.
The easiest way to contribute is through the contribution portal on the GO website: CONTRIBUTE NOW. You may pay by credit card or with a check.
You may also complete a handwritten contribution form if you prefer and send it with your check or credit card information to:
GO for Public Schools
PO Box 52820
Tulsa, OK 74152
Note: Contributions made by credit card incur a processing fee of approximately 3%. GO will absorb that processing fee. The gross amount contributed (including the processing fee) counts as your contribution for purposes of calculating both your state income tax credits and the amount of your charitable deduction.
Contributions to GO are held at our bank in an account designated solely for the purpose of the GO for Public Schools Education Tax Credit Fund or in a reserve fund where such funds can be conservatively invested to generate a return while waiting to be deployed to fund innovative educational programs at public schools across Oklahoma.
Contributions to the GO for Public Schools Education Tax Credit 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 2024 will be determined by February 15 of 2025 and may be claimed when you file your tax return for 2024. Federal and state tax deductions for your contribution to GO in 2024 may also be claimed when filing your 2024 tax return.
You can review the Education Tax Credit Law itself, which is formally known as the “Oklahoma Equal Opportunity Education Scholarship Act” (68 Okla. Stat. §2357.206) here. The Oklahoma Tax Commission, which is responsible for carrying out the statute, is another good source of information (www.tax.ok.gov).
Information only. Not tax advice.
This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors for specific tax advice.
All schools are invited to learn how GO for Public Schools works for and with public school communities to make the benefits of Oklahoma’s Education Tax Credit Law easily accessible to public school communities across the State.
GO has developed a powerful and comprehensive set of tools and resources to support schools and communities in launching and sustaining a strong education tax credit program. GO also saves schools from incurring other significant expenses, mitigates or eliminates substantial risks, and keeps school leaders from becoming distracted from their primary task of delivering a high-quality education to students.
GO can be a powerful tool for your community. And any public school community can partner with GO at low to no cost to the community or its public schools or their supporters!
Please reach out to us by email at info@GOforPublicSchools.com, so we can find a time to visit more about how GO works and to discuss what GO can help you do for your community through your schools.
After learning about GO and conducting a bit of due diligence, many school communities decide to enter into a formal Collaboration Agreement to access GO’s core education tax credit fund management services, to create a branded education tax credit fund specifically for their school community, and to take advantage of our purpose-built GPS technology platform. We refer to such communities with whom we have a signed Collaboration Agreement as “Partner School Communities.”
Besides the core services and tools available to all Partner School Communities that provide easy access to the benefits of Oklahoma’s Education Tax Credit Law, each Partner School Community can choose from a variety of other, optional tools and services that GO has developed to create and market their own education tax credit program to meet the needs of their unique community.
Even with all the powerful tools and resources that GO brings to the collaboration, building a strong education tax credit program that serves the interests and needs of a community takes real commitment. As such, GO wants school communities that truly understand and appreciate the value of what GO provides and that are committed to doing their part to become Partner School Communities.
Please Note: GO works closely with Partner School Communities to help meet their goals as a community, but GO’s mission extends to all public school communities; not just those that have signed an agreement. See below to learn how GO works with “Non-Contracted Schools” to make it easy to access grant funding.
Some schools either have never considered collaborating with GO or have decided not to enter into a formal agreement for whatever reason. We refer to such schools as “Non-Contracted Schools” and we are committed to serving them too.
First, it is important to note that we do not require a school to sign a collaboration agreement with GO (i.e. become a Partner School Community) to receive funding.
GO seeks authentic and open collaboration with school communities because we know that is the best way to build an education tax credit program that really works for each community. However, we realize that authentic collaboration cannot be forced and often takes time and experience to develop.
GO wants public schools to become our Partner School Communities only if they understand and appreciate the value that GO provides and if they are committed to doing their part to achieve success. However, we do not want to exclude any school from accessing the funding benefits available through GO’s education tax credit program and even Non-Contracted Schools may receive GO funds.
GO only imposes the following requirements on grants to Non-Contracted Schools to satisfy GO’s requirements under the Statute:
Any public school or public school district in the State of Oklahoma can access funding for an Approved Innovative Educational Program.
For Partner School Communities, we review the process for accessing funding during onboarding. The process is fairly simple and streamlined so schools can prioritize, budget, and plan to fund programs to meet the needs of their school community throughout the year.
For Non-Contracted Schools, we review the process for accessing funding during an introductory meeting or over email. Non-Contracted Schools can choose to select from a growing list of GO’s Universal Innovative Educational Programs that are essentially “pre-approved” to implement in their school community OR can develop their own program to meet GO’s Requirements and Vision for Innovative Educational Programs and submit an “Application for Approval of Innovative Educational Program” for review and approval by the GO Board prior to funding.
To keep the process efficient, we have established the following quarterly windows to batch review of Applications for Approval of Innovative Education Programs:
Applications Accepted | Initial Feedback or Approval |
February 1 – 15 | March 1 |
May 1 – 15 | June 1 |
August 1 – 15 | September 1 |
November 1 – 15 | December 1 |
To keep the grant-making process efficient, we have established the following quarterly windows to batch and process Grant Requests for any Approved Innovative Educational Programs:
Grant Requests | Funding |
February 1 – 15 | March 1 |
May 1 – 15 | June 1 |
August 1 – 15 | September 1 |
November 1 – 15 | December 1 |
GO for Public Schools.
PO Box 52820
Tulsa, OK 74152
info@GOforPublicSchools.com
405.355.3216