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Education Freedom Tax Credit
Starting January 1, 2027, you can direct up to $1,700 of your federal income tax liability to support Nebraska kids and families seeking K-12 private school scholarships. Keep your tax dollars in Nebraska, and give hope to local kids… it’s a no-brainer!
How does the Education Freedom Tax Credit work?
Using the Education Freedom Tax Credit, taxpayers can receive a credit of up to $1,700 for contributions made to Scholarship Granting Organizations (SGOs) that would otherwise have been owed to the government in Federal income taxes. A tax credit reduces the amount of Federal income tax owed dollar-for-dollar (unlike a deduction, which decreases taxable income). The tax credit is available to any individual who is a citizen or resident of one of the States or the District of Columbia and makes qualified contribution(s) to SGO(s) during the taxable year.
Who can claim the Education Freedom Tax Credit?
Any individual who is a citizen or resident of one of the fifty States or the District of Columbia may claim the credit if the individual makes a charitable contribution to an SGO such as OSN for that taxable year. OSN will then use contributions to fund scholarships for eligible students.
Can I use my contribution to help kids in a particular school?
With OSN, you will be able to designate a portion of your contribution to benefit kids who choose the school that matters most to you. Taxpayers cannot, however, designate a specific beneficiary with their contribution.
Which students qualify for scholarships through the Education Freedom Tax Credit?
An eligible student who qualifies for a scholarship through the Education Freedom Tax Credit is one who can enroll in a public K-12 school and from a household with income not greater than 300% of the area’s median gross income. Practically, that means most Nebraska K-12 students will be eligible to apply for an Education Freedom Scholarship.