Oklahoma Opportunity Tax Credit

Program Overview

The Oklahoma Equal Opportunity Education Scholarship Act allows Oklahomans who donate to eligible public-school foundations, such as Harding Fine Arts Academy Foundation, to reallocate tax liabilities and receive a portion of their gift back in state income tax credits. Gifts to the Ignite Master Artist Series allow donors to support innovative educational opportunities for our students and save on their state taxes.

* The information provided on this webpage does not, and is not intended to, constitute legal or financial advice; instead, all information, content, and materials available on this webpage are for general informational purposes only. 

Limitations

Couples filing jointly are eligible to receive a tax credit of up to $2,000; a person filing as an individual can receive up to $1,000; and a qualified business entity may receive up to $100,000 in state tax credits.

You can make a pledge for a one-time gift or a commitment for the same gift amount in two consecutive years. One-time gifts are eligible for up to a 50% tax credit, while gifts given in two consecutive years are eligible for up to a 75% tax credit.

Example

For example, John Doe is interested in donating $2,500 to the Ignite Master Artist Series as a sponsor. Below is a table demonstrating how he can calculate his potential tax credits.

Tax CreditsFiling jointly ($2,000 max)Filing individually ($1,000 max)Business Entity ($100,000 max)

One-year commitment (50%)

$1,250 per year

$1,000 per year

$1,250 per year

Two-year commitment (75%)

$1,875 per year

$1,000 per year

$1,875 per year

Frequently Asked Questions

A public-school foundation is an 501c3 nonprofit organization created to support a specific public school or public school district. Harding Fine Arts Academy Foundation was created in 2019 to support Harding Fine Arts Academy. All donations to HFAA Foundation go to providing programs and activities that benefit the students. 

A tax credit is a tax incentive which allows certain taxpayers to subtract the amount of the credit they have accrued from the total they owe the state. It may also be a credit granted in recognition of taxes already paid or a form of state “discount” applied in certain cases.

The Ignite Master Artist Series is eligible to award tax credits per the Oklahoma Tax Commission under the Oklahoma Equal Opportunity Education Scholarship Act .

More information on the program can be found on our website at: www.hfaafoundation.org/ignite.

Donate online now!

Yes. All donors have a limit on the total amount of tax credit they can collect during a single tax filing year. Please note this applies to all tax credits under this law. It is not on “per Foundation or Public School District” basis. 

Taxpayers filing separately – $1,000 maximum

Taxpayers filing jointly – $2,000 maximum

Businesses/Corporations – $100,000 maximum 

In addition, HFAA Foundation can award a maximum of $200,000 per year. The State of Oklahoma has allotted $25 million for this program. If the Foundation or State’s cap is met all donations will be on a pro-rated basis. The Foundation will communicate with donors if there are any changes. 

Yes. All donations to the Ignite Master Artist Series are fully tax-deductible.

More information on the program can be found on our website at: www.hfaafoundation.org/ignite.

Donate online now!

To become a sponsor for the Ignite Master Artist Series you can:

  1. Quickly and easily donate online now!
  2. Download the sponsorship form and mail it with your check made payable to HFAA Foundation. Our mailing address is 3333 N Shartel Ave, Oklahoma City, OK 73118
  3. Call the Foundation at (405) 702-6939 to provide your credit card over the phone

Interested in making a donation through stock? Please call the Foundation at (405) 702-6939 for more information.

Yes. In order to take advantage of this program we need either your Social Security Number (SSN) or Employer Identification Number (EIN) if your company/workplace is donating. It is the policy of the Foundation to never store personal SSN in digital or print formats. Your SSN will only be submitted to the Oklahoma Tax Commission so that they can apply your tax credits at the end of the year.

Absolutely! Download the sponsorship form and mail it to the Foundation with a check. Be sure to include your companies EIN so that you can claim the tax credit benefit.

If you have any additional questions about Corporate Giving or sponsorships or would like to create a custom benefits package, please call the Foundation at (405) 702-6939.