Income tax; providing tax credit for contributions to certain higher education institution foundations. Effective date.

SB 285 creates a tax credit for Oklahoma taxpayers who donate to qualifying higher education foundations. Individuals can claim a 50% credit on contributions up to $1,000 (single) or $2,000 (married filing jointly), while businesses can claim up to $100,000. Taxpayers who commit to donating the same amount the following year qualify for a 75% credit instead. Organizations receiving donations must submit annual audited financial reports to the Oklahoma Tax Commission and publicly share program outcomes.