OK SB1922

Creates the Oklahoma Equal Opportunity Education Scholarship Act allowing taxpayers to claim income tax credits for contributions to eligible scholarship-granting organizations.

Provides 100% tax credit up to $1,000 ($2,000 for married filing jointly) for individual income tax and 80-90% credit up to $100,000 for corporate/franchise tax, with credit percentages varying by contribution year.

Limits total annual corporate/franchise tax credits to $10 million and requires scholarship organizations to distribute at least 90% of available funds monthly and spend a portion on low-income student scholarships equal to the state's low-income percentage.

Defines eligible students as school-age children from households at or below 300% of free/reduced lunch income, and eligible special needs students as those with individualized education programs; allows scholarships up to $5,000 (or 80% of district per-pupil expenditure, whichever is greater) or $25,000 for special needs students at accredited private schools.

Requires Oklahoma Tax Commission to maintain a list of reserved credits and notify scholarship organizations when the $10 million annual cap is reached; allows unused credits to carry forward for up to three years; effective January 1, 2011.