Senate Bill No. 472 amends the Oklahoma Parental Choice Tax Credit Act to provide an income tax credit for taxpayers who incur qualified educational expenses on behalf of eligible students. The bill defines key terms such as "eligible student," "qualified expense," and "education service provider," and establishes a framework for the tax credit based on the income levels of the student's parents or guardians. The maximum credit amounts vary depending on the income brackets, with specific provisions for students attending private schools that serve homeless or financially disadvantaged students. Additionally, the bill allows eligible students to accept any scholarship, including those from the Lindsey Nicole Henry Scholarships for Students with Disabilities Program, while participating in the tax credit program.

The bill also outlines the application process for claiming the credits, including the requirement for taxpayers to submit receipts for qualified expenses and the Commission's authority to conduct audits. It specifies that the total amount of credits authorized is capped at $150 million for tax year 2024, with subsequent years seeing increased limits. Furthermore, the bill mandates that the Commission provide transparency by publishing data on credits claimed and applications denied. The act is set to take effect on November 1, 2025.