Great news for Ohio taxpayers who donate to Seton! The state of Ohio passed a bill that will allow you to take a dollar-for-dollar credit on your Ohio tax return when you make a gift to an approved Scholarship Granting Organization (SGO), as long as your Ohio tax liability for 2023 is at least equal to your donation.
This spring, the Seton Cincinnati SGO - Scholarship Granting Organization was officially established and the impact will benefit both the donors and the students at Seton! Simply make a donation of up to $750 a person (or $1,500 a couple) to the Seton Cincinnati SGO and receive a dollar-for-dollar credit on your Ohio tax return. This is a nonrefundable tax credit. Your gift will help fund the tuition of students in need at Seton!
In order to receive the tax credit, make your check payable to the Seton Cincinnati SGO. You can also make a gift online by clicking HERE. In order to receive the credit for 2023, donations need to be made by April 15, 2024.
“The SGO is an amazing opportunity for families to make a difference for students in need at Seton and it will not impact the family finances! It is a win-win,” said Jan Neumann ’75, CPA.
If you file a married joint return, each taxpayer would need to make their own $750 contribution to claim the maximum of $1,500. Separate acknowledgement letters from Seton will be provided for documentation of your gifts.
This is a great way to make an impact for students who need financial assistance in order to attend Seton and as long as your Ohio tax liability for 2023 is at least equal to your donation, this won’t cost you a penny! If you itemize your tax deductions, this also qualifies for a charitable contribution which helps to offset your federal income tax liability.
Thank you for considering a donation to the Seton Cincinnati SGO. Every gift will help fund a Seton education for students in need.
For more information consultant your CPA or tax advisor. Or visit https://codes.ohio.gov/ohio-revised-code/section-5747.73
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