Scholarship Granting Organization
The 3RiversSGO’s purpose is to raise scholarship dollars for students to attend all-day kindergarten in the Three Rivers Local School District. Scholarships will be prioritized to low-income students.
What is an SGO?
A Scholarship Granting Organization (SGO) is a non-profit 501(c)(3) organization that receives contributions from donors and grants educational scholarships to eligible students in Ohio. Individuals and entities that contribute to SGOs participating in the program can receive a tax credit. The SGO program was enacted in September 2021 Section 5747.43.
Information:
Scholarship Granting Organization Information Scholarship Contribution Credit
How does the tax credit work?
Your SGO contribution can be claimed when you file your Ohio taxes for the year in which you made your gift. The credit is a dollar-to-dollar reduction in your state tax liability up to $750 per taxpayer. A married couple filing jointly can claim a credit of up to $1500. To receive the full tax credit, you must have an Ohio tax liability equal to or greater than the amount of the credit.
How do I donate?
To donate, click the "Donate" button at the top of the page. There, you will locate a form to be printed and completed. Contributions can be mailed to the address at the bottom of the page. You will receive an email confirmation and a contribution receipt mailed to your physical address. For married couples, filing jointly, please include the information for both taxpayers.
What is the difference between a tax deduction and a tax credit?
Tax Credit = money owed to you.
Tax Deduction = money you owe.
Tax Credit - reduces the amount of money you must pay.
Tax Deduction - reduces your taxable income
Is there a cap on contributions?
There is no cap to SGO contributions in the state of Ohio. Any amount is welcome. However, only $750 for an individual or $1500 for a couple can be claimed as a tax credit on your Ohio income return.
SGO Article:
https://www.blueandco.com/ohio-scholarship-granting-organization-sgo-tax-credit/