Oklahoma SB686 amends the Oklahoma Parental Choice Tax Credit Act by applying unused credits to subsequent annual limitations.
Oklahoma SB686 amends the Oklahoma Parental Choice Tax Credit Act to apply unused credits to subsequent annual limitations. The bill specifies that unused credits from tax year 2024 will be applied to the annual credit limitation for tax year 2025. It also rescinds the authorization to reallocate certain unused credits. The Oklahoma Tax Commission must make certain data available on its website, including the total amount of credits claimed each year and the number of students awarded credits. The bill provides an effective date for these changes.
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