Oklahoma Parental Choice Tax Credit Act; modifying installment payment for certain eligible students. Effective date.

SB 682 modifies Oklahoma's Parental Choice Tax Credit Program to change how taxpayers claim credits for private school expenses. It establishes income-based credit limits (ranging from $5,000 to $7,500 annually) for parents or guardians paying tuition at accredited private schools, with higher amounts for families below certain income thresholds. The bill also prohibits the Oklahoma Tax Commission from reclaiming credits for eligible students and clarifies that credits cover tuition, fees, and approved educational materials. This directly affects Oklahoma families using the program to offset private school costs, with specific provisions for schools serving homeless or financially disadvantaged students.