SB285

Oklahoma SB285 provides tax credits for contributions to certain higher education institution foundations.

Oklahoma SB285 amends the Oklahoma Equal Opportunity Education Scholarship Act to provide tax credits for contributions to eligible higher education institution foundations. The credit is equal to 50% of the total amount of contributions made during a taxable year, up to a maximum of $1,000 for single individuals and $2,000 for married individuals filing jointly. The bill also sets forth rules for the allocation of credits, including a statewide cap and procedures for organizations to maintain eligibility. The act becomes effective November 1, 2025.