Oklahoma Parental Choice Tax Credit Act; prescribing procedure for enforcement of annual limit. Effective date.

SB 685 creates a state income tax credit for Oklahoma taxpayers covering qualified education expenses for eligible students. It allows credits up to $7,500 annually (based on family income) for private school tuition and fees, or up to $1,000 for other educational expenses like tutoring, textbooks, or standardized test fees. Credit amounts decrease as household income rises, with specific thresholds ($75k, $150k, $225k, $250k). The bill also establishes rules for private schools serving homeless or financially disadvantaged students to qualify for higher credit amounts.