Sen. Jason Smalley, R-Stroud, is supporting amended legislation to raise the cap on the Equal Opportunity Education Program when it comes back to the Senate. 

SB 407, as amended, proposes to increase the annual tax credit cap for contributions to eligible scholarship-granting organizations from $3.5 million to $15 million. The bill would also increase the tax credit cap for contributions to eligible educational-improvement grant organizations from $1.5 million to $15 million and creates two new types of donations under the second cap for public school districts and public school district foundations.  It modifies the definition of “eligible school” by removing language that an eligible school not be located within 10 miles of another qualifying school or public school and increase the size of the public school district student level from 4,500 to 8,500.

A study of the tax credit by Oklahoma City University’s Meinders School of Business found that the state saved $1.39 for every dollar in tax credits issued in the 2017-2018.  A total of $2.91 in school spending was saved for every dollar issued in tax credits when all local, state and federal school funding was included.