Bill > SB1389

This bill, the Oklahoma Parental Choice Tax Credit Act, modifies the annual limit for tax credits available to parents or guardians for qualified educational expenses for eligible students. Specifically, it increases the maximum annual credit amount for fiscal year 2027 and subsequent fiscal years to $275 million for students attending accredited private schools, up from the previous limit of $250 million. The bill also clarifies language within the existing act, such as changing "and/or" to "or" in several instances, and declares an emergency, meaning it will take effect immediately upon passage and approval to address an urgent public need. The Oklahoma Parental Choice Tax Credit Act provides an income tax credit to taxpayers for qualified expenses to support the education of eligible students, which includes tuition and fees at accredited private schools, as well as other educational services like tutoring and textbooks.