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Bill > SB1405
OK SB1405
OK SB1405Income tax credit; adding contributions to higher education institutions for eligibility for tax credit pursuant to the Oklahoma Equal Opportunity Education Scholarship Act; providing procedures. Effective date.
summary
Introduced
02/05/2024
02/05/2024
In Committee
02/06/2024
02/06/2024
Crossed Over
Passed
Dead
05/31/2024
05/31/2024
Introduced Session
2024 Regular Session
Bill Summary
An Act relating to income tax credit; amending 68 O.S. 2021, Section 2357.206, as amended by Section 1, Chapter 49, O.S.L. 2022 (68 O.S. Supp. 2023, Section 2357.206), which relates to the Oklahoma Equal Opportunity Education Scholarship Act; providing tax credit for contributions to certain higher education institution foundations; limiting credit amount; providing for reduction of credit when cap is exceeded; providing credit amount upon certain commitment of additional contribution; prescribing allocation of credit claimed by certain entities; requiring submission of audited statement; limiting total credits claimed for tax year; limiting credits claimed for tax year for contributions to higher education institutions; modifying definition; defining terms; providing for allocation of unclaimed credit upon certain determination by the Oklahoma Tax Commission; requiring submission of report to maintain certain eligibility; adding consulting entity for promulgation of rules; updating statutory language; and providing an effective date.
AI Summary
This bill amends the Oklahoma Equal Opportunity Education Scholarship Act to add a new tax credit for contributions made to eligible higher education institution foundations. The bill allows a 50% tax credit for contributions, up to $1,000 for individuals or $100,000 for business entities, with a total annual cap of $25 million. The bill also provides a 75% tax credit for taxpayers who commit to contributing the same amount for an additional year. The bill requires the eligible higher education institution foundations to submit audited financial statements and program information to the Oklahoma Tax Commission every four years. The bill also makes other changes to the existing tax credits for contributions to scholarship-granting organizations, educational improvement grant organizations, and public school foundations.
Committee Categories
Education
Sponsors (1)
Last Action
Second Reading referred to Education Committee then to Finance Committee (on 02/06/2024)
Bill Topics
Education
- ‐ Higher Education
Macroeconomics
- ‐ Taxation, Tax Policy, and Tax Reform
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | http://www.oklegislature.gov/BillInfo.aspx?Bill=sb1405&Session=2400 | 12/15/2023 |
| Fiscal Note/Analysis - Senate: SB1405 INT FI | http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20SUPPORT%20DOCUMENTS/impact%20statements/fiscal/Senate/SB1405%20INT%20FI.PDF | 01/17/2024 |
| Fiscal Note/Analysis - Senate: Introduced | http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20SUPPORT%20DOCUMENTS/BILLSUM/Senate/SB1405%20INT%20BILLSUM.PDF | 01/04/2024 |
| BillText | http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20INT/SB/SB1405%20INT.PDF | 12/15/2023 |
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