Oklahoma HB3704: Revenue and taxation; income tax; federal income tax credit; election to participate; scholarship granting organizations; Oklahoma Tax Commission; effective date.

What the bill says

An Act relating to revenue and taxation; electing the State of Oklahoma to participate in the federal income tax credit for individual contributions to scholarship granting organizations; directing the Governor to execute required certification and agreements as required by the United States Department of the Treasury; requiring the Oklahoma Tax Commission to identify certain scholarship granting organizations and provide list to the Secretary of the Treasury; requiring the Oklahoma Tax Commission to promulgate necessary rules, forms, and procedures…

From the enrolled text, April 16, 2026:

An Act relating to revenue and taxation; electing the State of Oklahoma to participate in the federal income tax credit for individual contributions to scholarship granting organizations; directing the Governor to execute required certification and agreements as required by the United States Department of the Treasury; requiring the Oklahoma Tax Commission to identify certain scholarship granting organizations and provide list to the Secretary of the Treasury; requiring the Oklahoma Tax Commission to promulgate necessary rules, forms, and procedures; prohibiting the promulgation of rules that exceed certain requirements; providing for election to participate in the federal income tax credit to remain in effect for certain period; providing for codification; and providing an effective date. SUBJECT: Revenue and taxation SECTION 1. NEW LAW A new section of law to be codified in the Oklahoma Statutes as Section 2357.901 of Title 68, unless there is created a duplication in numbering, reads as follows: A. The State of Oklahoma hereby elects to participate, to the fullest extent permitted by federal law, in the federal income tax credit for individual contributions to scholarship granting organizations, as established in Section 25F of the Internal Revenue Code of 1986, as added by Section 70411 of Pub. L. No. 119-21, or any successor provision. B. The Governor of this state is directed and authorized to: 1. Execute and …

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