Oklahoma Parental Choice Tax Credit Act; applying authorized but unused credit to subsequent annual limitation. Effective date.

SB 686 amends Oklahoma's parental choice tax credit program to allow taxpayers to apply unused portions of their annual credit toward future tax years. Specifically, it increases the annual credit limit by the amount of unused credit from prior years, replacing a previous provision that permitted reallocating unused credits. This change directly affects Oklahoma taxpayers with eligible students attending accredited private schools or using approved educational services, such as tutoring or curriculum materials. The bill does not alter existing credit amounts or income thresholds but adjusts how unused credits are handled. It takes effect for tax year 2024 and subsequent years.