OK HB2631

Creates an income tax credit for certified teachers equal to 50% of out-of-pocket expenses for school supplies, with a maximum credit of $500 per year

Defines eligible school supplies as pencils, pens, crayons, markers, notebook paper, notebooks, folders, rulers, protractors, compasses, flashcards, construction paper, art supplies, storage containers, and other tangible items for classroom or homework use

Requires documentation of purchases through original receipts, photocopies, or electronic receipts attached to tax returns, with the Oklahoma Tax Commission authorized to set specific requirements

Allows unused credit amounts to be carried forward for up to five succeeding taxable years

Effective January 1, 2017, applying to taxable years beginning after December 31, 2016