Oklahoma 2024 Regular Session

Oklahoma Senate Bill SB971

Introduced
2/6/23  

Caption

Income tax; providing credit for certain school choice and qualifying educational expenses. Effective date.

Impact

If enacted, SB971 would allow families to offset their tax liabilities through these credits, specifically targeting educational expenditures. This initiative reflects a broader trend toward promoting educational choice among parents, potentially empowering them to select schools that best meet their children's needs. The bill may also stimulate financial activity in private and charter schools as families look to take advantage of the credits available. However, it explicitly prohibits taxpayers from itemizing deduction claims for expenses associated with the credits to prevent double-dipping.

Summary

Senate Bill 971 introduces a new income tax credit aimed at providing financial relief for families with children enrolled in various educational settings, including public, charter, and private institutions. This credit is designed for taxpayers who have dependents eligible for public schooling and allows for a maximum credit of $3,500 per qualifying dependent. The bill outlines definitions for 'educational choice expenses'—which encompass tuition and fees for non-public schools—and 'qualifying educational expenses.' It is set to come into effect for the tax year 2024 and subsequent years.

Contention

The passage of SB971 may encounter opposition on various fronts. Critics argue that while it promotes school choice, it could detrimentally affect public funding for education by diverting state tax revenues away from public schools. Moreover, there is a concern that the implementation of such tax credits might exacerbate inequalities between families that can afford additional educational expenses and those that cannot. The absence of requirements for schools or organizations to verify claims may also raise apprehensions about potential abuses of the credit system.

Companion Bills

OK SB971

Carry Over Income tax; providing credit for certain school choice and qualifying educational expenses. Effective date.

Previously Filed As

OK SB971

Income tax; providing credit for certain school choice and qualifying educational expenses. Effective date.

OK SB1083

Income tax credit; providing credit for school choice expenditures and home school expenditures. Effective date.

OK SB1063

Income tax; providing credit for providing certain child care services. Effective date.

OK HB2745

Revenue and taxation; income tax; taxable income; deduction; wages; qualifying employers; qualifying employees; effective date.

OK SB389

Income tax; providing deduction for certain expenses of licensed medical marijuana business. Effective date.

OK SB1117

Income tax; providing deduction for certain expenses of licensed medical marijuana business. Effective date.

OK HB1934

Students; creating the Oklahoma Parental Choice Tax Credit Act; creating income tax credit for certain taxpayers.

OK SB386

Income tax credit; providing credit for certain purchases of naloxone. Effective date.

OK SB578

Income tax; providing credit for certain qualified software employers and employees. Effective date.

OK HB1935

Students; creating the Oklahoma Parental Choice Tax Credit Act; creating income tax credit for certain taxpayers; emergency.

Similar Bills

OK HB1792

Classification of felony offenses; creating the Oklahoma Sentencing Modernization Act of 2024; classifications; punishment provisions; time-served requirements; effective date.

OK HB1792

Classification of felony offenses; creating the Oklahoma Crime Reclassification Act of 2023; effective date.

OK SB1590

Classification of felony offenses; creating the Oklahoma Crime Reclassification Act of 2022. Effective date.

OK HB3455

Classification of felony offenses; creating the Oklahoma Crime Reclassification Act of 2024; requiring persons who commit criminal offenses to be classified in accordance with certain structure; codification; effective date.

OK SB881

Crimes and punishments; authorizing certain petition under certain circumstances. Effective date.

OK SB622

Motor vehicles; making Service Oklahoma a separate and distinct agency. Effective date.

OK SB622

Motor vehicles; making Service Oklahoma a separate and distinct agency. Effective date.

OK HB1839

Motor vehicles; modifying definition; making Service Oklahoma a separate and distinct agency; effective date.