Bill Summary: SB 1341

• Establishes a new income tax credit for qualified recipients of Oklahoma Higher Learning Access Program awards who complete degrees after the effective date, effective January 1, 2011.

• Provides $1,000 per year for 2 consecutive years for associate degree recipients and $1,000 per year for 4 consecutive years for bachelor degree recipients, with a $4,000 maximum total credit per qualified recipient.

• Restricts credit eligibility to individuals who maintained program eligibility and earned their degree within 2 years for associate degrees or 4 years for bachelor degrees from their first semester of enrollment (or within timeframe recommended by degree-granting institution for non-standard programs).

• Limits credit to only the tax year when the degree is earned or the following tax year, and prohibits using the credit to reduce tax liability below zero.

• Requires recipient to have retained eligibility for funds under Oklahoma Statutes Title 70, Section 2603(B) throughout the entire period of degree pursuit.