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PrintE-mailSenate panel approves private school tax credit

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Published: 02/16/10 - 2:33pm Written by Dick Pryor

MathproblemOKLAHOMA CITY - The Senate Finance Committee today approved, by a vote of 9-5, a bill that would provide tax credits for persons who contribute to a private school scholarship fund. 

Senate Bill 1922, authored by Sen. Dan Newberry, Republican from Tulsa, would allow a 100% tax credit for persons donating to 501(c)(3) scholarship funds that would enable students to attend private schools.  The scholarships would be available to students whose families have an annual income of up to 300% of the poverty level.  Individuals could contribute up to $1000 per year; couples could contribute $2000 to be eligible for the tax credit. 

There is a $10 million state cap on the tax credits each year under the "Oklahoma Equal Opportunity Education Scholarship Act."