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Bill > SB1080
OK SB1080
OK SB1080Revenue and taxation; modifying the Equal Opportunity Education Scholarship Act. Effective date.
summary
Introduced
04/29/2021
04/29/2021
In Committee
05/17/2021
05/17/2021
Crossed Over
05/18/2021
05/18/2021
Passed
05/20/2021
05/20/2021
Dead
Signed/Enacted/Adopted
05/21/2021
05/21/2021
Introduced Session
2021 Regular Session
Bill Summary
An Act relating to tax credit; amending 68 O.S. 2011, Section 2357.206, as last amended by Section 1, Chapter 288, O.S.L. 2017 (68 O.S. Supp. 2020, Section 2357.206), which relates to income tax credits for contributions made to certain education improvement grant or scholarship-granting organizations; prescribing treatment of certain suspended tax credits; adding entity to receive certain statement; requiring posting of statement to website; providing for income tax credit based upon contributions to eligible public school foundations to benefit certain school districts and public school districts; prescribing limit on credits based on filing status; providing for proportionate reduction of tax credits based upon certain limitation amount; providing for credit percentage based upon certain written commitment; prescribing procedures related to commitment; providing for allocability of tax credits to certain equity owners; requiring submission of certain statement; modifying maximum amount of tax credits; providing for cap amounts based upon contributions to designated entities; modifying definition; adding definition; conforming statutory language; requiring the Commission to allocate credits upon certain determination; requiring the Commission to determine percentage of certain contribution upon certain determination; requiring scholarship-granting organization to provide annual report to Commission; providing for contents of report; requiring the Commission to make available certain information on website; requiring scholarship-granting organization to annually submit verification; and providing an effective date. SUBJECT: Contribution tax credit
AI Summary
This bill amends the Oklahoma Equal Opportunity Education Scholarship Act to:
1) Provide a tax credit for contributions made to eligible public school foundations or public school districts, in addition to the existing credits for contributions to scholarship-granting organizations and educational improvement grant organizations. The credit amounts and caps for these contributions are established.
2) Require the scholarship-granting organizations to submit annual reports to the Oklahoma Tax Commission on the educational scholarships they funded, which the Commission will make publicly available on its website.
3) Increase the overall annual cap on the tax credits from $3.5 million to $25 million, and also establish a $200,000 per-public school district annual cap.
4) Make other technical and conforming changes to the existing law.
The bill is effective November 1, 2021.
Committee Categories
Budget and Finance
Sponsors (35)
Charles McCall (R)*,
Roger Thompson (R)*,
Kevin Wallace (R)*,
Micheal Bergstrom (R),
David Bullard (R),
Chad Caldwell (R),
Denise Crosswhite Hader (R),
Nathan Dahm (R),
Julie Daniels (R),
Kim David (R),
Jon Echols (R),
Chuck Hall (R),
Warren Hamilton (R),
Toni Hasenbeck (R),
Kyle Hilbert (R),
Shane Jett (R),
Chris Kannady (R),
Mark Lepak (R),
Ryan Martinez (R),
Jacob Merrick (R),
John Montgomery (R),
Joe Newhouse (R),
Mike Osburn (R),
Lonnie Paxton (R),
Ajay Pittman (D),
Marty Quinn (R),
Dave Rader (R),
Dustin Roberts (R),
Cody Rogers (R),
Frank Simpson (R),
Rob Standridge (R),
Jay Steagall (R),
Zack Taylor (R),
Greg Treat (R),
Kevin West (R),
Last Action
Approved by Governor 05/21/2021 (on 05/21/2021)
Official Document
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