OK SB1280

Establishes the "Parental Choice Tax Credit Act" providing a non-refundable income tax credit for qualifying educational expenses for children attending private schools or homeschool programs, effective January 1, 2017

Credit equals 80% of qualifying educational expenses for most taxpayers, or 100% for low-income households (defined as income at or below 185% of federal poverty level)

Maximum annual credit per child is the greater of 50% of average per-pupil public expenditure or $2,500; unused credits may be carried forward for two subsequent tax years

Qualifying expenses include tuition, fees, books, supplies, tutoring, uniforms, transportation, computer equipment, and homeschool curriculum materials for pre-K through grade 12

Credit phases in for non-low-income households: 10% of per-pupil expenditure in 2017, increasing by 10% annually until reaching 80% in 2021 and beyond