Tax credits and tax deductions both decrease the total that you’ll pay in taxes, but they do so in different ways. A tax credit is a dollar-for-dollar reduction of the money you owe, while a tax deduction will decrease your taxable income, leading to a slightly lower tax bill.

Any individual, family or qualified business entity paying taxes in Oklahoma is eligible to contribute to their foundation designated fund and receive tax credits.

Your tax credits may be used in the immediate following year.  For example, tax credits received from a 2022 donation may be used to offset income taxes on your 2022 Oklahoma tax return filed in 2023. The tax credit is good up to the state tax liability.  The tax credit from a public school district or school foundation is not refundable.  You may only use this tax credit as an offset to Oklahoma income taxes.  Any tax credit not used in a given tax year due to no tax liability may be carried over for up to three years.

Donations that are postmarked by December 31 will count as a charitable contribution made during that calendar tax year.
The tax credit that you get for donating may be claimed when you file your tax return the following year.  Federal and state tax deductions for your charitable contribution may also be claimed, if you itemize, when filing your annual tax returns.