Bill > HB3705

This bill modifies the Oklahoma Parental Choice Tax Credit Program by increasing the total amount of tax credits authorized for private school tuition and fees. Specifically, for the fiscal year 2027 and subsequent fiscal years, the annual limit for these credits will be $300 million, with provisions to increase this limit by $50 million each succeeding fiscal year if 90% of the previous year's credit limit is claimed. The bill also includes an emergency clause, meaning it will take effect immediately upon passage and approval, and sets the general effective date for the changes to July 1, 2026. The Parental Choice Tax Credit Program allows taxpayers to receive a credit for qualified educational expenses for eligible students, which includes tuition and fees at accredited private schools, as well as other educational services like tutoring and textbooks.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb3705&Session=2600