HB 1693 Summary

• Modifies the Oklahoma Equal Opportunity Education Scholarship Act by changing the multi-year contribution commitment from two (2) years to "an additional consecutive years year" while maintaining the 75% credit rate for taxpayers making written commitments to contribute the same amount for consecutive years.

• Establishes annual statewide tax credit caps: $3,500,000 for scholarship-granting organizations and $1,500,000 for educational improvement grant organizations, with proportionate allocation when claims exceed caps.

• Requires scholarship-granting organizations and educational improvement grant organizations to award at least 90% of funds as actual scholarships or grants, verified by dividing total awarded funds over the most recent 24 months by total available funds over the same period.

• Sets individual tax credit limits at $1,000 for single filers, $2,000 for joint filers, and $100,000 for business entities, with unused credits eligible for carryover to the following three (3) years.

• Becomes effective January 1, 2016, and authorizes the Oklahoma Tax Commission to promulgate rules in consultation with the State Department of Education for implementation and organization registration procedures.