Bill > SB229

This bill modifies the Oklahoma Parental Choice Tax Credit Act by making several key changes to the state's tax credit program for education expenses. The bill adjusts the annual credit limits for different tax years, with a total credit cap of $150 million for tax year 2024, $100 million for the period from January 1, 2025 to June 30, 2025, and $250 million for fiscal year 2026. Notably, the bill removes credit limits for fiscal year 2027 and subsequent years. The tax credit can be used for various educational expenses, including private school tuition, non-public learning programs, tutoring, textbooks, and assessment fees. The credit amount varies based on the family's adjusted gross income, ranging from $5,000 to $7,500 per eligible student, with lower-income families receiving higher credit amounts. The bill also modifies the application process, giving priority to lower-income families and establishing a specific application timeline. Additionally, the bill removes a previous requirement for the State Department of Education to provide notice about disability education rights and streamlines the process for verifying student enrollment. The changes aim to provide more flexibility and support for families seeking alternative education options, with an effective date of November 1, 2025.