Tax Credit for Scholarship Donations (OCEN SGO)

Partners of Madison Christian School now have a cost-free way to make a significant contribution to the students of our school. Thanks to Ohio’s new state tax credit for taxpayers who make a contribution to the Ohio Christian Education Network Scholarship Granting Organization (OCEN SGO), you are able to make a cost-free gift that will be designated for scholarships to students attending Madison Christian School. Here’s how it works:

1. This dollar-for-dollar state tax credit is to use toward your current year taxes. In other words, you will receive a 100% tax credit for your contribution when you file your taxes in the next calendar year.
2. The tax credit is limited to the total Ohio state income tax due that can be found on page 2 of your state income tax return (Ohio IT 1040) line 13.  You may contribute more than $750, but the credit is capped at $750 per taxpayer. Your gift is also eligible for a full tax deduction on your federal tax return.
   1. If the total tax due exceeds $750 (single) or $1500 (married), then you are eligible to contribute up to the maximum and receive the total tax credit.
   2. If the total tax due is less than $750, then your tax credit is limited to the amount on line 13 of your Ohio IT 1040. 
   3. Married couples can receive up to two separate $750 deductions, totaling $1500, however they must make TWO SEPARATE $750 donations, one in each of their names. A single $1500 will only return a single $750 tax credit.
   4. The deadline to contribute for scholarships for next school year is June 1. Donations received after June 1 will be considered in the 23/24 school year.
3. Go to ohiocen.org/sgo to contribute. Be sure to select Madison Christian School in the drop-down menu so that your contribution will be designated for scholarships to students at our school. OCEN SGO will provide you with a gift receipt.