Oklahoma House Bill HB1982

Oklahoma 2022 Regular Session

• Introduced: 2/1/21
• Refer: 2/2/21

Caption

Revenue and taxation; income tax credit; education improvement granting organizations; scholarship granting organizations; tax credit cap; effective date.

Impact

The potential implications of HB 1982 on state laws include adjustments to how education funding is structured through tax incentives. If enacted, the bill would directly influence financial mechanisms available to educational organizations and also affect taxpayers looking to benefit from these credits. Proponents believe that by capping tax credits, the bill will encourage efficient use of funds while assisting more students over time, thereby improving the overall educational environment in the state.

Summary

House Bill 1982 focuses on revenue and taxation issues, specifically targeting income tax credits associated with education improvement and scholarship granting organizations. The bill proposes a cap on the amount of tax credits that can be claimed under these programs, aiming to streamline the allocation of funds to educational entities and enhance the support for scholarships granted to students. By setting a cap, the bill intends to maintain a balance between fostering educational opportunities and managing state revenue effectively.

Contention

However, there are concerns regarding the bill, particularly from opposition groups that argue such caps could limit the capacity of organizations to provide scholarships. Critics suggest that by implementing these restrictions, the bill might inadvertently reduce access to educational resources for low-income students and diminish the effectiveness of scholarship programs. This contention highlights a significant debate on how best to fund education while ensuring equitable access for all students.