Schools; Oklahoma Parental Choice Tax Credit Act; reporting; effective date.

HB 1407 requires taxpayers claiming Oklahoma Parental Choice Tax Credits and private schools receiving students funded by those credits to submit annual reports to the Oklahoma Tax Commission. The reports must detail exactly how tax credit funds were spent (including specific expenses and amounts) and explain how the funds directly improved educational programs, facilities, or resources. Reports must be submitted within 30 days after each tax year ends, with penalties for late submissions. The Oklahoma Tax Commission can audit schools or taxpayers to ensure compliance with these reporting requirements, which take effect November 1, 2025.