OK SB682

Modifies the Oklahoma Parental Choice Tax Credit Program to allow credits for eligible students who attend one semester of school to be paid in one installment equal to the expected semester tuition and fees, not to exceed half the authorized credit amount.

Prohibits the Oklahoma Tax Commission from recapturing credits for the sole reason that a student no longer attends a private school or enrolls in a public school, if the student completes at least one semester of the school year at a private school as an eligible student.

Establishes credit cap amounts: $150 million for tax year 2024, $100 million for January 1-June 30, 2025, and $250 million for fiscal year 2026 and subsequent years for private school credits; $5 million annual cap for other educational expenses starting tax year 2025.

Requires the Oklahoma Tax Commission to base spring 2025 credit payments on fall 2024 installment amounts and waive reapplication requirements for taxpayers who received credits in tax year 2024.

Effective November 1, 2025.