Oklahoma Islamic School Foundation is a program incentivized by the State of Oklahoma. The state sets aside $25.0 Million in tax credits for individuals and businesses that wish to support school scholarships.  Donors receive an Oklahoma state tax credit up to to seventy-five percent (75%) of the amount donated. Because Oklahoma Islamic School Foundation is a 501(c)(3) charitable organization, the donation is also eligible for a federal deduction and a state deduction. We’ve put together the following form to illustrate the true cost of a donation.

Effective January 1, 2016, donors who pledge in writing to give the same amount for two consecutive years will receive a 75% tax credit for both years and a 50 % tax credit for a single time donation.

The tax calculator assumes the correct federal tax bracket  for your income and status and assumes you will file an itemized return, All donors (individuals, families and businesses) should always consult their tax preparer for their specific situation.

A few helpful notes:

• Your adjusted gross income should not be less than your donation.
• Please keep in mind that you must itemize your deductions in order to gain a federal or state deduction tax benefit.  Make sure that when itemized, your total deductions are greater than your standard deduction.  If they’re not, stick to your standard deduction.
• When donating to all the various nonprofit organizations please remember that you cannot itemize charitable contributions in excess of 50% of your adjusted gross income.

Donate now or read answers to Frequently-Asked Questions.