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Ohio Tax Credit Scholarship Program for Seven Hills

A New Way to Give!

We are pleased to announce the launch of an additional way to support The Seven Hills School.

 In 2021, the state of Ohio implemented the Ohio Tax Credit Scholarship Program, a platform that provides tax credits to Ohioans who support private school scholarships for students in need. The program allows Ohio taxpayers to receive a dollar-for-dollar tax credit up to $750, or $1,500 if married and filing jointly, for donations made to a certified Scholarship Granting Organizations (SGO).

In 2022, the Ohio Association of Independent Schools (OAIS), of which Seven Hills is a member, set up a certified SGO, which will permit any Ohio resident to earn a tax credit for donations directed to the scholarship program of any of the member schools. In effect, you can make a contribution to Seven Hills, without incurring any expense, by directing some of your state taxes to our scholarship fund.

How it Works

Donors to the program can visit the OAIS website at OAIS.org/SGO, select Seven Hills School (Cincinnati) as the recipient organization, and make their gift. When they make their donation and designate it for the Seven Hills School scholarship fund, they may then print the receipt for their gift, to submit with their Ohio tax return to claim their dollar-for-dollar tax credit.

Each single or head of household person may claim a credit up to $750; if married and filing jointly a person can claim a tax credit up to $1,500.

NOTE: Should either taxpayer donate more than the taxpayer’s total tax liability, the credit will reduce the taxpayer’s liability to zero, but will not create a refund.

GET STARTED!

A Win-Win … Let’s Run Some Numbers

For the examples below, assume the donor to the Tax Credit Scholarship Program will owe $4,000 in Ohio income taxes.

Example 1: $400 gift

A donor makes a $400 gift before Dec. 31, 2023 and claims $400 tax credit on their 2023 Ohio tax return.

They reduce their state tax liability to $3,600.

Example 2: $750 gift (the maximum for single or head of household)

A donor makes a $750 gift before Dec. 31, 2023 and claims their $750 tax credit on their 2023 Ohio tax return.

They reduce their state tax liability to $3,250.

Example 3: $1,500 gift (maximum for married filing jointly)

A married person filing jointly makes a $1,500 gift before Dec. 31, 2023 and claims their $1,500 tax credit on their 2023 Ohio tax return.

They reduce their state tax liability to $1,100.

NOTE: Tax credits are not tax refunds. As with any tax related matter, contact your tax advisor for guidance.

As Easy as 1-2-3 … + 1

1  With the help of your financial advisor, review your Ohio tax liability from last year to estimate your 2023 Ohio tax liability.

2  Follow this link to OAIS.org/SGO to make your gift to the Seven Hills on the OAIS SGO donor web platform. You will receive a receipt for your gift when you complete your transaction. Retain your receipt to file with your 2023 Ohio tax return.

3  Claim your tax credit on your 2023 Ohio tax return with the tax credit receipt you received when you made your gift.

+ 1   If you choose, when you make a gift to the Seven Hills Annual Fund to support the school’s operations, you can make an additional gift through the Ohio Tax Credit Scholarship Program for Seven Hills at no additional cost for the tax credit gift.

NOTE: As with any tax related matter, contact your tax advisor for guidance.

Ohio Tax Credit Scholarship Program for Seven Hills FAQs

In 2021, the State of Ohio implemented the Ohio Tax Credit Scholarship Program, a platform that provides tax credits to Ohioans who support private school scholarship programs for students in need. The program allows Ohio taxpayers to receive dollar-for-dollar Ohio tax credits up to $750 or $1,500 for those who are married and filing jointly, for donations made to certified Scholarship Granting Organizations, such as the Ohio Association of Independent Schools, of which Seven Hills is a member.

Find the link on this page to OAIS.org/SGO, then make your gift to the Ohio Tax Credit Scholarship Program for Seven Hills. You will receive a receipt for your gift when you complete your transaction, which you should retain to submit with your Ohio tax forms to receive your tax credit.

Ohio taxpayers who donate through the OAIS.org/SGO web platform are eligible for a dollar-for-dollar tax credit on their Ohio tax returns up to $750, or $1,500 when married and filing jointly.

No, it’s better. A tax credit reduces your tax liability, dollar for dollar. A tax deduction lowers your taxable income and potentially reduces what you’ll pay in taxes as a result.

No. You will receive a dollar-for-dollar Ohio tax credit for your donation; therefore, your donation is not eligible for an additional tax deduction.

If your Ohio tax liability will meet or exceed $750 for single or head of household or $1,500 for married filing jointly, 100% of your contribution will qualify as a credit against your Ohio state taxes. As with any tax related matter, consult your tax advisor for guidance.