OK HB2643

Increases tax credit caps for scholarship-granting organizations from $1,750,000 to $3,500,000 annually and maintains $1,500,000 cap for educational improvement grant organizations.

Allows taxpayers who commit to contribute for three consecutive years to receive 75% tax credits instead of 50%, with credits still capped at individual/joint limits.

Enables tax credits to be allocated to partners, shareholders, and members of entities taxed as partnerships without being subject to individual contribution limits.

Requires scholarship-granting and educational improvement grant organizations to submit audited financial statements every four years to the Governor, Speaker of the House, and President Pro Tempore of the Senate detailing program benefits and outcomes.

Effective date of January 1, 2015, with requirement that organizations maintain 90% funding payout rate and modifies per-pupil expenditure calculations using statewide averages from the National Center for Education Statistics.