The bill amends the Oklahoma Parental Choice Tax Credit Program to modify the installment payment structure for tax credits claimed for eligible students attending private schools. It establishes that taxpayers can receive credits in two installments based on the expected tuition and fees, with specific provisions 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.

The bill also outlines the maximum credit amounts based on the income of the parents or legal guardians, with different thresholds for various income brackets. It includes provisions for taxpayers receiving income-based government benefits, allowing them to bypass additional income verification. Furthermore, the bill mandates that the Commission provide transparency regarding the total credits claimed and the number of students awarded each fiscal year, ensuring accountability in the program's administration. The act is set to take effect on November 1, 2025.