Bill > HB1407

This bill establishes new reporting requirements for the Oklahoma Parental Choice Tax Credit program, mandating that taxpayers receiving tax credits and private schools accepting students funded by these credits must submit an annual report to the Oklahoma Tax Commission. The report must provide a detailed breakdown of how tax credit dollars were allocated and spent, including specific expenses and an explanation of how the funds directly impacted educational programs, facilities, or resources. The Commission will create a standardized reporting form that must be submitted within 30 days of the end of the tax year, with potential penalties for late or non-submission. The bill also grants the Commission authority to conduct audits and investigations to ensure compliance and to create rules for implementing the act. The reporting requirements aim to increase transparency and accountability for how tax credits are used in supporting private school education. The bill will become effective on November 1, 2025, giving stakeholders time to prepare for the new reporting obligations.

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb1407&Session=2600