Latest Information:
Local & Regional
7:54 am
Tue May 17, 2011

Tax Credit Scholarships

Oklahoma City, OK – Okla. gov OKs tax credits for private scholarships

OKLAHOMA CITY (AP) Gov. Mary Fallin has signed a bill authorizing taxpayer-subsidized scholarships for students whose families meet certain income requirements or who live in low-performing school districts.

The bill Fallin signed Monday has been hailed by proponents as a victory for school choice, but critics question why state money is being used to pay for scholarships to send students to private schools.

Under the Oklahoma Equal Education Opportunity Scholarship Act, contributions from individuals are eligible for a 50 percent annual tax credit up to $1,000. Corporations could receive a 50 percent tax credit on contributions up to $100,000.

Contributions eligible for tax credits are capped at $5 million.