SB1996

Oklahoma SB1996 creates the Children's Promise Act, offering a tax credit for contributions to eligible charitable organizations.

Oklahoma SB1996 establishes the Children's Promise Act, which provides a tax credit for contributions to eligible charitable organizations. These organizations must focus on preventing child abuse, providing services to children in custody, adoption, and healthy childbirth. The credit is limited to 50% of the contribution and cannot reduce the taxpayer's liability below zero. Excess credits can be carried forward to subsequent tax years. Eligible organizations must submit certifications to the Oklahoma Tax Commission, which will publish a list of approved entities on its website.