Parental Choice Tax Credit Act; modifying annual limit for certain years; modifying preference requirement; requiring certain credit reallocation. Effective date.

SB 229 amends Oklahoma's Parental Choice Tax Credit Act to adjust annual credit limits based on household income: $7,500 for households earning under $75,000, $7,000 for $75,000-$150,000, and $6,500 for over $150,000. It requires the Oklahoma Tax Commission to reallocate unused credits to eligible taxpayers who did not claim them, rather than letting credits expire. The bill directly affects Oklahoma taxpayers who pay for private school tuition or qualifying educational expenses (like tutoring or materials) for eligible students in accredited private schools or home education programs. Key changes include modifying income thresholds, adding credit reallocation, and removing prior notification and consent revocation requirements.