Revenue and taxation; Oklahoma Revenue and Taxation Act of 2025; effective date.

HB 1519 expands Oklahoma's Parental Choice Tax Credit Program by increasing the maximum annual tax credit for private school tuition from $5,000 to $7,500, removing the previous cap. It creates income-based tiers for the credit amount (ranging from $5,000 to $7,500 depending on household income) and broadens eligible expenses to include tutoring, textbooks, and standardized test fees. The bill directly affects Oklahoma taxpayers with children enrolled in accredited private schools, including schools serving homeless students or financially disadvantaged students (defined as 90% of enrollment below 250% of the federal poverty threshold). It requires taxpayers to submit receipts for qualified expenses and allows unused credit to be refunded. The program would apply to tax years 2024 and beyond, administered by the Oklahoma Tax Commission.