Oklahoma 2025 Regular Session

Oklahoma Senate Bill SB682

Introduced
2/3/25  

Caption

Oklahoma Parental Choice Tax Credit Act; modifying installment payment for certain eligible students. Effective date.

Impact

If enacted, SB682 would significantly modify the existing landscape of educational funding in Oklahoma by promoting private education through financial incentives. The bill sets a cap on the total tax credits that can be claimed and includes provisions to ensure that credits claimed are based solely on qualified educational expenses. The Oklahoma Tax Commission will administer and enforce these credits, which may lead to greater enrollment in private educational institutions, impacting public school funding and resources.

Summary

Senate Bill 682, also known as the Oklahoma Parental Choice Tax Credit Act, aims to enhance educational opportunities for eligible students in Oklahoma by providing income tax credits for certain educational expenses. The bill allows taxpayers, such as parents and guardians, to claim credits for tuition and fees paid to private schools accredited by the State Board of Education. The maximum credit varies based on household income, with credit amounts set at up to $7,500 for students attending appropriate private institutions, and lower amounts for those attending other education programs.

Contention

Notably, SB682 has sparked debate regarding its potential implications on public education. Proponents argue that it fosters parental choice and empowers families to seek the best educational options for their children. Conversely, opponents express concern that it may divert essential funding away from public schools, thereby exacerbating existing inequalities in education. Moreover, regulations surrounding the claims process are designed to prevent misuse of the tax credits, yet critics question whether these safeguards will be effective.

Companion Bills

No companion bills found.

Similar Bills

OK SB684

Income tax credit; relating to the Oklahoma Parental Choice Tax Credit Act; modifying tax years for which certain annual credit limit is enforced; prescribing procedure for enforcement of annual limit. Effective date. Emergency.

OK HB1519

Revenue and taxation; Oklahoma Revenue and Taxation Act of 2025; effective date.

OK HB1469

Schools; Oklahoma Parental Choice Tax Credit Act; website requirements; effective date.

OK HB1742

Schools; Oklahoma Parental Choice Tax Credit Act; website requirements; effective date.

OK SB683

Oklahoma Parental Choice Tax Credit Act; defining term. Effective date.

OK HB3269

Schools; Oklahoma Parental Choice Tax Credit Act; directing Oklahoma Tax Commission to prorate certain credits; effective date.

OK HB1395

Schools; Oklahoma Parental Choice Tax Credit Act; website requirements; effective date.

OK HB3388

Income tax credits: prohibiting claims for deduction from certain tax credit; providing exemption for certain tax credits received; parental choice tax credits, modifying income limitations; allowing certain credit to qualifying students; establishing credit amount for certain private schools; emergency.