SB1389

Oklahoma Parental Choice Tax Credit Act; authorizing annual limit for certain fiscal years.

Oklahoma Parental Choice Tax Credit Act authorizes an income tax credit for eligible students attending private schools. The credit amount varies based on the student's family income and the school's accreditation status. The Oklahoma Tax Commission administers the credit, sets application deadlines, and publishes annual credit limits and usage statistics. The credit cannot be used for delinquent tax liabilities or penalties. The bill also updates statutory language and provides an effective date.