Bill > SB472

This bill amends the Oklahoma Parental Choice Tax Credit Act to expand scholarship opportunities for eligible students, allowing them to accept multiple scholarships, including the Lindsey Nicole Henry Scholarships for Students with Disabilities Program, while participating in the tax credit program. The bill maintains a tiered tax credit system for private school tuition based on family income, with credits ranging from $5,000 to $7,500 per student depending on household adjusted gross income. For students educated through alternative means, a $1,000 credit is available. The program has total annual credit limits ($150 million for 2024, $100 million for January-June 2025, and $250 million for fiscal year 2026 and beyond), with priority given to lower-income families. Taxpayers must meet specific requirements, such as retaining expense receipts, ensuring no duplicate credits are claimed, and notifying the Oklahoma Tax Commission of changes in student enrollment. The bill also requires monthly online reporting of credit usage and includes provisions for auditing and recapturing credits if misused. The legislation becomes effective on November 1, 2025, providing a structured approach to supporting educational choice and financial assistance for Oklahoma families.

Budget and Finance, Education

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb472&Session=2600