House Bill No. 1760, introduced by Representative Kerbs, amends the Oklahoma Equal Opportunity Education Scholarship Act to enhance tax credits for contributions to eligible scholarship-granting organizations, educational improvement grant organizations, and public school foundations. The bill establishes a tax credit of 50% for contributions made during a taxable year, with increased credits of 75% for taxpayers who commit to contributing the same amount for an additional year. It also mandates that organizations receiving contributions submit audited financial statements and program outcome reports to the Oklahoma Tax Commission. Additionally, starting January 1, 2026, contributions to eligible higher education institution funds will be eligible for similar tax credits and reporting requirements.

The bill sets a cap on total tax credits at $25 million annually, with a specific limit of $7.5 million per public higher education institution. It specifies that tax credits will not be granted to organizations that do not award at least 90% of their funds to eligible students. The legislation expands definitions of eligible entities and students, introduces new provisions for the allocation of unclaimed credits, and requires organizations to report on grant amounts and the impact of their educational programs. The act is set to take effect on July 1, 2025, but includes an emergency clause for immediate implementation upon passage.

Statutes affected:
House Committee Substitute: 68-2357.206
Floor (House): 68-2357.206
Engrossed: 68-2357.206
Sub Committee OR Policy Committee Recommendations (House) Sub Committee Recommendation: 68-2357.206