Bill > SB1389

This bill modifies the Oklahoma Parental Choice Tax Credit program by adjusting the annual credit limit for future fiscal years. Specifically, for fiscal year 2027 and subsequent years, the bill introduces a mechanism that automatically increases the credit limit by 20% if the credits claimed reach 90% of the existing limit, which is set at $250 million. The bill requires the Oklahoma Tax Commission to publish the total credits allowed each fiscal year on its website. The tax credit program allows parents, guardians, or other legal caregivers to receive tax credits for qualified educational expenses, such as private school tuition, tutoring, instructional materials, and assessment fees. The credit amount varies based on the family's adjusted gross income, ranging from $5,000 to $7,500 per student, with different income brackets determining the specific credit level. The bill also maintains existing provisions about application processes, eligibility requirements, and reporting obligations for both taxpayers and participating private schools. The changes are designed to provide more flexibility in the tax credit program's funding and potentially increase access to educational choices for Oklahoma families.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb1389&Session=2600