HB 1760 Summary

• Amends the Oklahoma Equal Opportunity Education Scholarship Act to expand tax credits for contributions to scholarship-granting organizations, educational improvement grant organizations, public school foundations, public school districts, and higher education institution foundations.

• Establishes new tax credit for contributions to eligible higher education institution funds beginning January 1, 2026, allowing 50% credit up to $1,000 for individuals and $100,000 for businesses, or 75% with written multi-year commitment.

• Increases annual statewide tax credit caps to $25 million for scholarship organizations (2022 and later), $25 million for educational improvement/public school contributions (2022 and later), and $25 million for higher education institution contributions (2026 and later), each independent of other caps.

• Implements per-entity caps of $200,000 annually per public school district and $7,500,000 annually per public higher education institution to prevent concentration of credits.

• Requires organizations to submit audited financial statements, detailed annual reports on scholarship distribution and student demographics, and maintain 90% fund payout ratios; authorizes Tax Commission to promulgate implementing rules and procedures for registration and revocation of organization eligibility.