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

SB 683 creates an Oklahoma income tax credit for parents or guardians covering qualified education expenses for eligible students. It directly affects Oklahoma taxpayers with children enrolled in state-accredited private schools or specific educational programs, based on household income. The credit amount ranges from $5,000 to $7,500 annually (depending on income) for private school tuition/fees, or $1,000 for other educational expenses like tutoring or materials. Special provisions apply for schools serving homeless students or financially disadvantaged students. The bill amends existing tax law to define terms and establish these credit tiers for 2024 and future tax years.