Oklahoma HB3760 establishes income tax credits for contributions to law enforcement foundations, with limits and reporting requirements.
Oklahoma HB3760, known as the Law Enforcement Strategic Support Act, creates income tax credits for contributions to qualified law enforcement foundations. The act defines "qualified contributions" and limits the amount of credits based on individual or joint tax filer status. Contributions are capped at $3,000,000 per year for foundations. The Oklahoma Tax Commission must preapprove contributions, and the aggregate tax credits cannot exceed $75,000,000 annually. Foundations must annually report to the Commission, and the Commission will publish certain information on its website.
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