Oklahoma Parental Choice Tax Credit Act modifies tax credit installment payments for eligible students.
The Oklahoma Parental Choice Tax Credit Act amends the Oklahoma Parental Choice Tax Credit Program to modify installment payments for credits claimed for certain eligible students. The bill sets the maximum credit amount based on the combined adjusted gross income of the parents or legal guardians. It also prohibits the Oklahoma Tax Commission from recapturing credits for certain reasons and provides an effective date. The act defines "qualified expense" and "taxpayer" and outlines the application process for claiming the credit.
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