The Ohio General Assembly established a program whereby Ohioans can receive a 100% tax credit against Ohio income tax liability for cash contributions to certified Scholarship Granting Organizations (SGOs) that grant scholarships to students. The maximum credit amount is currently $750 (if you file "Married Filing Jointly," you can receive a credit for up to $1,500, but each spouse must make an individual contribution of $750—two separate transactions).

The Ohio Association of Independent Schools (OAIS) is a scholarship granting organization (SGO) providing Ohio students the crucial funding they need to receive the best education possible. OAIS is committed to the quality education that independent schools provide to students from diverse backgrounds. Lake Ridge Academy has established The Aspire Scholarship through the Ohio Association of Independent Schools Scholarship Granting Organization (OAIS SGO). This is a new opportunity for our community to take advantage of the Ohio Tax Credit Program. Funds given to the OAIS SGO get awarded as scholarships to eligible Lake Ridge Academy families. Please note: Contributions must be designated to Lake Ridge Academy in order for your contribution to support the Aspire Scholarship.

The program will benefit Lake Ridge Academy students and their families by prioritizing scholarships for those with demonstrated need. It will benefit taxpayers as they will be able to reduce their Ohio state tax liability. This is a dollar-for-dollar tax credit against your tax liability or the tax you owe to the State of Ohio.

Anyone. However, only those persons with Ohio tax liability may be eligible for the tax credit.

To be eligible for the tax credit on your 2022 Ohio taxes, you must make the full contribution amount (maximum $750 per individual) by December 31, 2022. Contributions made after December 31, 2022, will be eligible for a credit for the 2023 tax year.

$750 ($1,500 if married filing jointly) is the cap for the tax credit. Married couples that file jointly must each make a separate contribution of $750 to get the full $1,500 tax credit.

No. As a 501(c)(3) organization, the OAIS SGO does not accept contributions designated for specific students.

The easiest way to contribute to the OAIS SGO with a designation to Lake Ridge Academy is by visiting here. Upon completion of the contribution form, you will receive an immediate electronic confirmation of your contribution for your records. The electronic confirmation you receive can be used when filing your 2022 State of Ohio income taxes and claiming your tax credit.

You can also make your contribution directly on the OAIS SGO website by designating your contribution to Lake Ridge Academy. Donate by clicking here.

Contributors to the OAIS SGO will receive a dollar-for-dollar state tax credit up to the $750 maximum contribution, which is different from a tax deduction. Tax deductions reduce your taxable income. A tax credit is a dollar-for-dollar credit against the taxes you have paid or will owe to the state of Ohio.

You will claim this credit when you file your Ohio state income tax return. The nonrefundable credit will reduce your state tax liability (the amount you owe in taxes). A nonrefundable tax credit limits your tax benefit to no more than what you owe in taxes. The amount of the tax credit you can claim equals 100% of the amount you contribute, up to $750 per taxpayer.

If you and your spouse file "Married Filing Jointly," you can receive a credit for up to $1,500 on your joint state income tax return. If filing together and donating more than $750, please make two separate contributions - one for $750 in one spouse's name and the remainder, up to $750, in the other spouse's name.

1. Review your tax liability from last year (2021 Ohio IT 1040, line 8c) to help estimate the amount of your tax liability for 2022, against which the credit can apply if desired. Please remember that the maximum credit amount is currently $750 ($1500 if "Married Filing Jointly").
2. Make your contribution online on our website or by visiting here.
3. Taxpayers claim the credit when they complete their tax return by writing in their contribution amount on the designated lines of the Ohio individual income tax return and attaching their tax receipt from the OAIS SGO. If you do not pay any income tax to the State of Ohio, you will not receive any tax credit.