OK SB472

Creates the Oklahoma Parental Choice Tax Credit Program providing income tax credits to Oklahoma taxpayers for qualified expenses supporting education of eligible students, with credits up to $7,500 annually for private school tuition based on family income levels.

Expands eligible qualified expenses to include tuition for nonpublic learning programs, academic tutoring services, textbooks and instructional materials, and fees for nationally standardized assessments and preparatory courses.

Allows eligible students to accept any scholarship, including the Lindsey Nicole Henry Scholarships for Students with Disabilities Program, while simultaneously participating in the tax credit program.

Establishes annual credit caps of $150 million for tax year 2024, $100 million for January-June 2025, and $250 million for fiscal years 2026 and beyond; caps educational service provider credits at $5 million annually beginning tax year 2025.

Becomes effective November 1, 2025, and requires monthly public reporting on the Oklahoma Tax Commission website regarding total credits claimed, student awards disaggregated by income, and denied applications.