HB1407

Oklahoma HB1407 mandates annual reporting by taxpayers and private schools using Oklahoma Parental Choice Tax Credit funds.

Oklahoma HB1407 introduces requirements for taxpayers and private schools utilizing the Oklahoma Parental Choice Tax Credit Act. These entities must submit an annual report to the Oklahoma Tax Commission detailing the allocation and expenditure of tax credit funds. The Commission will provide a standardized form for these reports, which must be submitted within 30 days after the tax year ends. Failure to comply may incur penalties. The Commission is also authorized to audit or investigate for compliance and to create rules for implementing the act. The law takes effect November 1, 2025.