The bill amends the Oklahoma Parental Choice Tax Credit Program to modify the installment payment structure for tax credits claimed for eligible students. It introduces provisions that allow taxpayers to receive credits in two installments based on the expected tuition and fees for private schools, with specific adjustments for students attending only one semester. Additionally, the bill prohibits the Oklahoma Tax Commission from recapturing credits solely because a student no longer attends a private school, provided the student has completed at least one semester at a private institution.

Key changes include the establishment of maximum credit amounts based on the income of the parents or guardians, with specific amounts set for different income brackets. The bill also outlines the process for claiming credits, including the requirement for taxpayers to submit receipts for qualified expenses and the Commission's authority to conduct audits. The effective date for these changes is set for November 1, 2025.