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. The LSGO of Ohio’s scholarships will primarily be awarded to low-income students whose household income is under 300% of the poverty threshold. Scholarship Granting Organizations (SGOs) were just recently brought into existence in the most recent Ohio legislative session.
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. Pending regulations from the State of Ohio’s Attorney General’s Office, it is not yet clear whether this tax credit will be available in 2021, or if the program will not commence until 2022.