Bill > HB1395

This bill modifies the Oklahoma Parental Choice Tax Credit Act by enhancing the website reporting requirements for the Oklahoma Tax Commission. Specifically, the bill expands the monthly website reporting to include more detailed, disaggregated information about tax credits, such as listing credits claimed by individual private schools and homeschools, breaking down credits by income categories, showing credits for students who previously attended public schools, displaying denied application numbers, and adding a new requirement to report the total amount of qualified expenses by category. The bill maintains the existing tax credit program framework, which provides tax credits to parents or guardians for educational expenses like private school tuition, tutoring, curriculum materials, and assessments, with credit amounts varying based on family income (ranging from $5,000 to $7,500 per student). The tax credit program has annual caps on total credits ($150 million for 2024, $100 million for January-June 2025, and $250 million for fiscal year 2026 and beyond), and gives preference to lower-income families. The bill will become effective on November 1, 2025, ensuring transparency and detailed tracking of the educational tax credit program.

Education

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb1395&Session=2600