Donations now accepted to KPS through tax credit program
Kingfisher, OK – Individuals and businesses can now make donations on behalf of Kingfisher Public Schools and earn up to a 75% credit on their 2020 state income taxes.
Kingfisher was selected as the first public school district named as a beneficiary of GO for Public Schools, an Educational Improvement Granting Organization formed in 2018 under the Oklahoma Equal Opportunity Education Scholarship Act. The act allows taxpayers to receive state tax credits for contributions to an EIGO on behalf of designated school districts. Taxpayers who commit to contributing the same amount in two consecutive tax years can receive a credit of up to 75% of each year’s amount.
For a single-year contribution, the credit is up to 50% of the amount. A federal tax deduction also will be available.
The Kingfisher Board of Education voted to enter an agreement with GO for Public Schools at its regular August meeting. “I think this is a very exciting program that KPS is fortunate to pilot,” Supt. Jason Sternberger said Monday. “For an individual or business to donate their money to this program and get a significant tax credit rather than the normal charitable deduction is very enticing.” Unlike the normal charitable deduction, which allows taxpayers to subtract qualified charitable deductions from their taxable income, a tax credit is subtracted directly from taxes owed. Contributions will be held by GO in an account designated specifically for the schools or in a reserve fund where they are invested in order to generate a return until they are deployed in the specified school district. Participating school districts are asked to designate three separate initiatives where the donated funds will be used.
Sternberger said Kingfisher’s school board will begin discussions about possible local priorities at the regular February meeting Monday night and also will be seeking public input in the coming weeks. “GO has developed a few example programs to show partner communities and school districts how GO works, but ideally we want schools and the communities they serve to have a rich conversation about needs specific to their community that will lead them to identify areas of focus and to develop programs that will help meet those needs,” Mark Ross of GO wrote in an email this week. “By having more money available that is earmarked to specific programs created with input from all stakeholders in the district, this will afford us the opportunity to provide new programs or other measures that will benefit students directly in the classroom,” Sternberger said. Kingfisher Chamber of Commerce circulated a GO for Public Schools donation form via email to local businesses this week. Donations also can be made online at www.GOforPublicSchools.com.
Reposted from Kingfisher Times and Free Press