Oklahoma HB3705 increases the credits authorized for the Parental Choice Tax Credit Program for fiscal year 2027 and beyond.

Oklahoma HB3705 modifies the Parental Choice Tax Credit Program by increasing the amount of credits authorized for fiscal year 2027 and subsequent fiscal years. The bill sets specific credit limits based on the combined adjusted gross income of the parents or legal guardians of the eligible student. It also outlines the process for claiming the credit, including the submission of receipts for qualified expenses and the notification of approval status to applicants. The bill declares an emergency, allowing it to take effect immediately upon passage and approval.

Oklahoma HB3705 increases the credits authorized for the Parental Choice Tax Credit Program for fiscal year 2027 and beyond.

Oklahoma HB3705 modifies the Parental Choice Tax Credit Program by increasing the amount of credits authorized for fiscal year 2027 and subsequent fiscal years. The bill sets specific credit limits based on the combined adjusted gross income of the parents or legal guardians of the eligible student. It also outlines the process for claiming the credit, including the submission of receipts for qualified expenses and the notification of approval status to applicants. The bill declares an emergency, allowing it to take effect immediately upon passage and approval.