There is a new way to receive a tax credit – up to $750. Read on to learn more or visit the Lutheran Scholarship Granting Organization’s website.
The LSGO of Ohio’s purpose is to raise scholarship dollars for students to attend Lutheran high schools and elementary schools throughout Ohio. This year the State of Ohio introduced Scholarship Granting Organizations or SGO’s, which allows individual donors to make donations up to $750 for scholarships and receive a credit against a taxpayer’s aggregate tax liability. The credit equals the amount of the cash donations for any taxable year up to $750 for individuals and $1,500 for a couple filing jointly. (See https://charitable.ohioago.gov/Scholarship-Granting-Organization-Certification)
Money donated to the SGOs will be used to award academic scholarships for students to attend primary and secondary schools. Priority is given to students who reside in low-income households.
Contributors to the LSGO of Ohio will be given a nonrefundable tax credit for their contributions; the tax credit will be able to be applied to their Ohio state income tax liability, dollar-for-dollar, up to $750 for individuals and $1,500 for married couples filing jointly. Download Solomon’s letter to parents.