Bill > HB3705

This bill increases the total amount of tax credits authorized for the Oklahoma Parental Choice Tax Credit Program, which provides income tax credits to eligible taxpayers for qualified educational expenses for eligible students. Specifically, for the fiscal year 2027 and all subsequent fiscal years, the total amount of credits authorized for students attending accredited private schools will increase from $250 million to $275 million. The Parental Choice Tax Credit Program allows taxpayers to claim credits for expenses like tuition and fees at accredited private schools, or for other educational services such as tutoring, textbooks, and standardized assessments, with credit amounts varying based on the student's private school attendance and the taxpayer's adjusted gross income.