Parental Choice Tax Credit Act; modifying annual limit for certain years; modifying preference requirement; requiring certain credit reallocation. Effective date.

SB 229 modifies Oklahoma's Parental Choice Tax Credit Act, allowing taxpayers to claim credits for qualified education expenses for eligible students. It adjusts income-based credit limits (e.g., reducing the maximum credit from $7,500 to $5,000 for households earning over $250,000) and adds requirements for private schools serving disadvantaged students (requiring 90% of admissions to be based on income below 250% of the federal poverty level). The bill also mandates the Oklahoma Tax Commission to reallocate unused credits and removes certain notification requirements. It directly affects Oklahoma taxpayers with children enrolled in accredited private schools, homeschooling programs, or nonpublic educational settings.