Governor Fallin signed HB 1693 last week. It passed the House and Senate by large…
The enabling legislation was amended in May 2014. Two important elements were added.
Three Year Donations: One was the 75% tax credit for Year One of a three-year commitment. But that benefit will not be effective until January 1, 2015. Until then there is no additional benefit beyond the 50% tax credits.
Pass Through Business Entities: The other was the treatment of subchapter S corporations and other “pass through business entities” as businesses entitled to the maximum $200,000 contribution. But that benefit will not be effective until January 1, 2015. Until then, these businesses are subject to the individual or family donation ceilings of $2,00 and $4,000 respectively.