Income tax; creating the Children's Promise Act; providing tax credit for charitable contributions to certain organizations. Effective date.

SB 1996, the Children's Promise Act, creates a tax credit for Oklahoma taxpayers who donate to qualifying charitable organizations focused on children's welfare. The credit equals 50% of the donation amount (up to the taxpayer's total income tax liability), but donations cannot be deducted from taxable income. Eligible organizations must be Oklahoma-based 501(c)(3) groups with missions like preventing child abuse, supporting adoption, or providing pregnancy assistance, and must certify they do not support or refer for abortions. Taxpayers claim the credit using a specific form, and organizations must verify compliance annually with the Oklahoma Tax Commission.