OK HB3705

Amends the Oklahoma Parental Choice Tax Credit Program to increase annual credit caps from $250 million in FY2026 to $300 million starting FY2027, with automatic $50 million increases when 90% of available credits are claimed

Provides income-based tax credits for private school tuition ranging from $7,500 (families earning up to $75,000) down to $5,000 (families earning over $250,000), with a separate $1,000 maximum credit for homeschool expenses

Establishes application period from March 15 through June 15 annually, with priority consideration for families earning under $150,000 and returning participants who apply within the first 60 days

Requires participating private schools to be accredited and submit enrollment/tuition verification by June 15 annually, with existing schools given until March 1, 2027 to meet accreditation requirements

Credits are fully refundable if they exceed tax liability and cannot be used to offset delinquent taxes, penalties, or prior-year liabilities