Oklahoma legislation · 2026 Regular Session
Oklahoma SB1398: Income tax credit; creating the Children's Promise Act; providing credit for contributions to certain charitable organizations. Effective date.
Status: In committee, February 26, 2026
What the bill says
An Act relating to income tax; creating the Children's Promise Act; providing short title; defining term; providing tax credit for contribution to eligible charitable organization; limiting amount of credit; prohibiting certain contributions from being deducted from taxable income; prohibiting refundability; authorizing credit to be carried forward to certain tax years; requiring credit to be claimed on certain form; requiring eligible charitable organization to submit certification to the Oklahoma Tax Commission; prescribing requirements of certification; providing for penalty of perjury…
From the engrossed text, February 23, 2026:
An Act relating to income tax; creating the Children's Promise Act; providing short title; defining term; providing tax credit for contribution to eligible charitable organization; limiting amount of credit; prohibiting certain contributions from being deducted from taxable income; prohibiting refundability; authorizing credit to be carried forward to certain tax years; requiring credit to be claimed on certain form; requiring eligible charitable organization to submit certification to the Oklahoma Tax Commission; prescribing requirements of certification; providing for penalty of perjury; requiring eligible charitable organization to notify the Tax Commission of certain changes; requiring the Tax Commission to review submitted certifications and determine eligibility; requiring the Tax Commission to notify certain organizations of determination; authorizing the Tax Commission to request recertification; authorizing allocation of credit earned by certain entities; prescribing procedures for allocation; providing exception on certain credit limitations for allocated credit; providing annual limit for certain tax years; prescribing procedures to enforce annual limit; providing for noncodification; providing for codification; and providing an effective date. BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA: Req. No. 3706 Page SECTION 1. NEW LAW A new section of law not to be codified in the Oklahoma Statutes reads as follows: This act shall be known and may be cited as the "Children's Promise Act". SECTION 2. NEW LAW A new section …