Oklahoma Tax Commission Announces Tax Credit Cap is Exceeded for 2017
On February 15, the Oklahoma Tax Commission (OTC) notified taxpayers that, based on their calculations, the tax credits from scholarship granting organizations and education improvement granting organizations generated approximately $5.7 million of tax credits, exceeding the amount of $5.0 million available for 2017. Based on the Oklahoma Equal Opportunity Education Act, the OTC has established the proportionate share of the credit which may be claimed by any taxpayer so that the maximum credits authorized are not exceeded. For tax year…