Tax Credit Scholarship
Give $ and Get $
Taxpayers now have a cost-free way to make a significant contribution to support student scholarships for students in need at Central Montessori Academy. Thanks to Ohio’s new state tax credit, individuals who donate to a Scholarship Granting Organization (SGO) can receive a dollar-for-dollar state tax credit (not a charitable giving tax deduction) up to $750 per individual/$1500 per married couple.
In 2022, the Ohio Association of Independent Schools (OAIS), of which Central Montessori Academy is a member, set up a certified SGO, which will permit any Ohio resident to earn a tax credit for donations directed to the scholarship program of any of the member schools.
When you designate your tax dollars to Central Montessori Academy, those funds go directly back to the school to provide scholarships for Grade K-6 students to attend who may not otherwise have the financial means to do so. Students with a demonstrated financial need are prioritized. In effect, you can make a contribution to Central Montessori Academy, without incurring any expense, by directing some of your state taxes to our scholarship fund!
HOW IT WORKS
Donors to the program can visit the OAIS/SGO website at https://oais.gosgo.co/schools/2920/landing to set up an account and make your donation.
Your donation can be made by credit card, check or ACH. If donating by check, enter your donation using the donation site and it will tell you where to send your check payable to OAIS-SGO:
PO Box 492
Granville, OH 43023
Once you make your donation, you may then print the receipt for your donation, to submit to claim your dollar-for-dollar tax credit on your Ohio income tax return.
Individuals may claim a tax credit up to $750; spouses filing jointly can claim a tax credit up to $1500.
Donations made by December 31 count for that tax year’s return. Donations made between January 1 and April 15 (tax day) – donors can decide which tax year to apply donation towards (current or previous year). Donations can be made annually.
NOTE: The tax credit is considered non-refundable which means your tax credit cannot be greater than your total tax liability.
NOTE: Should either taxpayer donate more than the taxpayer’s total tax liability, the credit will reduce the taxpayer’s liability to zero, but will not create a refund.
NOTE: As with any tax related matter, contact your tax advisor for guidance.