Senate Bill 1148 Summary

• Amends Oklahoma income tax law to add an expiration date of January 1, 2017 for tax credits related to donations to scholarship-granting organizations and educational improvement grant organizations (previously had no end date).

• Limits the time period for earning these tax credits to contributions made between August 26, 2011 and December 31, 2016, with credits claimable only in tax years 2013-2019.

• Maintains existing tax credit amounts (50% of donations up to $1,000-$100,000 depending on taxpayer type) and annual statewide caps ($1.75 million for scholarship organizations, $1.5 million for educational improvement grants).

• Retains all other existing provisions regarding eligible students, qualified schools, scholarship-granting organization requirements, and credit allocation procedures under the Oklahoma Equal Opportunity Education Scholarship Act.

• Effective date: November 1, 2014.