Scholarship tax credit programs have helped to create valuable opportunities for kids in middle- and working-class families, but according to a recent study out of Oklahoma, state budgets benefit as well.
If that sounds like a win-win, that’s because it is!
Created in 2014 and funded by private donors who receive tax credits for their gift, the Opportunity Scholarship Fund (OSF) grants scholarships to K-12 students in Oklahoma. A recent study from Oklahoma City University illuminates just how much our communities can benefit from programs like these. Take a look at the highlights:
— The total educational savings equaled $8,855,674 from all funding sources in 2016.
— Based on the state’s per-pupil spending on common education, the fiscal return to the state is $1.24 of savings for every $1 of tax credit issued. (When accounting for all funding sources, the fiscal return is $2.58 for every $1 of tax credit issued.)
— In the 2016-17 school year, scholarship granting organizations awarded more than 1,400 scholarships, with an average award of more than $1,000 per scholarship.
— 62 percent of dollars raised come from qualified business entities.
— 89 percent of donations come from individual Oklahoma taxpayers.
“These scholarships help parents realize their dream of finding the best school for their children. This analysis proves what OSF has always said: This program is good for families and good for the state budget,” said Charles Daniels, President of OSF.
Click here to learn more about how scholarship tax credits are working for Oklahomans at OSFKids.org.