Bill > HB1760

This bill amends the Oklahoma Equal Opportunity Education Scholarship Act to expand tax credit opportunities for contributions to various educational entities. Starting in 2026, the bill introduces a new tax credit for contributions to eligible higher education institution funds, allowing taxpayers to receive a 50% tax credit for donations up to $1,000 for individuals, $2,000 for married couples filing jointly, or $100,000 for business entities. The credit can increase to 75% if the taxpayer commits to making the same contribution for an additional year. The total annual credits for higher education institution funds are capped at $25 million, with an additional limit of $7.5 million per public higher education institution. Like existing scholarship programs, these higher education contributions must be used primarily for scholarships to students from households with annual incomes not exceeding 300% of the free or reduced-price lunch income standard. The bill requires eligible higher education institution foundations to submit audited financial statements every four years and report on scholarship distributions. The tax credits can be carried forward for up to three years and cannot reduce a taxpayer's tax liability below zero. The legislation aims to provide additional financial support for higher education students by incentivizing private contributions to scholarship funds.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb1760&Session=2600