OK SB1313

Creates the Oklahoma Common Education Savings Account Program administered by the Office of the State Treasurer, allowing parents of students enrolled in public schools, charter schools, or virtual charter schools to establish education savings accounts

Limits contributions to $2,000 per school fiscal year, with funds usable for qualified educational expenditures including online curriculum, tutoring, textbooks, uniforms, technology, extracurricular activities, and college entrance exam fees

Provides a state income tax exemption for contributions up to $2,000 per year to these common education savings accounts, effective for taxable years beginning after December 31, 2016

Requires parents to sign agreements committing to use funds only for qualified educational expenses covering at minimum reading, English language arts, mathematics, social studies, and science

Transfers unused account funds to an Oklahoma College Savings Plan account upon the student's high school graduation or reaching age 21, with the State Treasurer authorized to remove participants for contract violations or fraud