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

HB 1407 requires taxpayers claiming Oklahoma Parental Choice Tax Credits and private schools accepting students funded by these credits to submit annual reports to the Oklahoma Tax Commission. The reports must detail exactly how tax credit funds were spent (including expense breakdowns and explanations of their educational impact), using a standardized form due within 30 days after each tax year. The Tax Commission can audit non-compliant entities and impose penalties, with the law taking effect November 1, 2025. This directly affects families using tax credits for private school tuition and the schools receiving those funds.