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 Act to allow taxpayers to carry forward unused portions of their annual credit amount to future tax years. This change specifically increases the annual credit limitation by the amount of certain unused credits from prior years, while removing the previous option to reallocate unused credits between different types of qualified education expenses. The bill affects Oklahoma taxpayers claiming the credit for eligible students' education costs, including private school tuition and related expenses, as defined under the existing program. It does not alter the credit amounts or income thresholds but changes how unused credit is handled administratively.