SB1398

Oklahoma SB1398 creates the Children's Promise Act, providing an income tax credit for contributions to eligible charitable organizations.

Oklahoma SB1398 establishes the Children's Promise Act, which offers an income tax credit for contributions to eligible charitable organizations. These organizations must meet specific criteria, including being headquartered in Oklahoma, serving children in need, and not promoting or covering abortions. The credit is limited to 50% of the contribution amount and cannot reduce the taxpayer's liability below zero. If unused, the credit can be carried forward to subsequent tax years.