OK SB1398

Creates the "Children's Promise Act" providing a 50% income tax credit for monetary contributions to eligible charitable organizations, capped at 50% of the taxpayer's total income tax liability (25% for married filing separately)

Eligible charitable organizations must be Oklahoma-based 501(c)(3) nonprofits serving children through foster care prevention, adoption services, abuse prevention, pregnancy support, marriage counseling promoting "permanent, lifelong union between man and wife," traditional values education, or workforce development for youth in DHS custody

Organizations must certify they do not provide, pay for, refer for, or promote abortions, and cannot affiliate with entities that do

Unused credits may be carried forward for up to 5 subsequent tax years; starting in tax year 2029, total annual credits are capped at $5 million with percentage adjustments calculated by the Tax Commission

Effective November 1, 2026, with tax credits available beginning tax year 2027