Bill > HB2701

This bill, the "Education Investment for Oklahoma Act," would make the following key changes: 1. It would increase the individual income tax credit for contributions to scholarship-granting organizations from $1,000 to $2,800 for single filers and from $2,000 to $5,600 for joint filers. It would also increase the cap on total credits for these organizations from $3.5 million to $10 million annually. 2. It would create new individual income tax credits for contributions to eligible public school districts and public school foundations, with credits ranging from 50% to 100% of the contribution amount depending on the size of the school district. 3. It would expand the definition of "eligible student" for scholarship-granting organizations to include students from households with incomes up to 235% of the free/reduced-price lunch threshold, and would add new categories of "eligible military student" and "low-income eligible student." 4. It would require scholarship-granting organizations and public school foundations to submit annual financial and performance reporting to the Oklahoma Tax Commission and make this information publicly available. Overall, the bill aims to provide more tax incentives for private and public education funding in Oklahoma.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb2701&Session=2200