This bill establishes the State of Oklahoma's participation in the federal income tax credit for individual contributions to Scholarship Granting Organizations (SGOs). It directs the Governor to execute necessary certifications and agreements with the U.S. Department of the Treasury, and mandates the Oklahoma Tax Commission to identify and maintain a list of qualified SGOs that meet federal requirements. The bill defines key terms related to SGOs and outlines the responsibilities of the Oklahoma Tax Commission, including the promulgation of rules and procedures for the administration of this tax credit program.

The election to participate in the federal income tax credit will remain in effect for all tax years permitted by federal law unless repealed or modified by the Legislature or if federal law changes. The bill also includes provisions for ensuring compliance with federal regulations regarding the operation of SGOs, such as scholarship awarding and contribution management. The act is set to take effect on July 1, 2026, and includes an emergency clause for immediate implementation upon passage and approval.