Bill > SB682

This bill modifies the Oklahoma Parental Choice Tax Credit Act, primarily focusing on adjusting the installment payment structure for tax credits for eligible students attending private schools. The bill introduces a new provision that allows for a single installment payment for students who attend school for only one semester, with the payment not exceeding half of the original credit amount. The bill maintains the existing credit structure, which provides varying tax credit amounts based on family income levels (ranging from $5,000 to $7,500 per eligible student), and continues to support families who choose private school or alternative education options. For students enrolled in a full school year, credits will still be paid in two installments - one per semester, to be paid by August 30 and January 15. The bill also prohibits the Oklahoma Tax Commission from recapturing credits for an eligible student if they complete at least one semester at a private school, even if they subsequently enroll in a public school. Additionally, the bill maintains the annual credit limit (set at $150 million for 2024 and $250 million for fiscal year 2026 and beyond) and provides priority consideration for lower-income families. The bill is set to become effective on November 1, 2025, and aims to provide financial support for parents seeking educational alternatives for their children.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb682&Session=2600