Oklahoma Equal Opportunity Scholarship Act

The Oklahoma Equal Opportunity Education Scholarship Act (OEOSA) allows individuals and businesses who donate to eligible public school foundations, like the Putnam City Schools Foundation, to reallocate tax liabilities and receive a portion of their gift back in state income tax credits. Gifts to designated educational improvement projects allow donors to support innovative educational opportunities for public school students and save on their state taxes. Read the full act here.

A person filing as an individual can receive up to $1,000, couples filing jointly can receive up to $2,000, and a qualified business entity can receive up to $100,000 in state tax credits.

You can make a pledge for a one-time gift or a two-year gift. One-time gifts are eligible for a 50% tax credit, while gifts given in two consecutive years are eligible for a 75% tax credit.

You can deduct the portion of your gift not reduced by the tax credit from your federal taxes as a charitable gift contribution if you itemize, making the cost of donating to your local public school even lower.

Putnam City Schools Foundation Minimum Contribution Levels:

For individuals/couples: $1,000

For businesses: $2,500

Donations must be made by December 31, 2026 in order to qualify for a tax credit on your 2026 tax return.

For informational purposes only. Your donation is not a guarantee of tax credit. Please contact your professional tax advisor for specific tax advice.

Forms:
Individuals and Joint Filing

Corporate Filing

Required Agreement

Upload completed forms here or mail to Putnam City Schools Foundation 5401 NW 40th St. Oklahoma City, OK 73122.

 FAQs

  • Tax credits and tax deductions both decrease the total that you’ll pay in taxes, but they do so in different ways. A tax credit is a dollar-for-dollar reduction of the money you owe, while a tax deduction will decrease your taxable income, leading to a slightly lower tax bill.

  • Any individual, family or qualified business entity paying taxes in Oklahoma is eligible to contribute to their district or foundation designated fund and receive tax credits.

  • The law states that a “qualified business entity” includes limited and general partnerships, corporations, subchapter S corporations and limited liability companies that file as a partnership, corporation, subchapter S or sole proprietorship.

  • Your tax credits may be used in the immediate following year. For example, tax credits received from a 2022 donation may be used to offset income taxes on your 2022 Oklahoma tax return filed in 2023. The tax credit is good up to the state tax liability. The tax credit from a public school district or school foundation is not refundable. You may only use this tax credit as an offset to Oklahoma income taxes. Any tax credit not used in a given tax year due to no tax liability may be carried over for up to three years.

  • Donations that are postmarked by December 31 will count as a charitable contribution made during that calendar tax year. The tax credit that you get for donating may be claimed when you file your tax return the following year. Federal and state tax deductions for your charitable contribution may also be claimed, if you itemize, when filing your annual tax returns.