The bill amends the Oklahoma Parental Choice Tax Credit Act to enhance the framework for income tax credits available to taxpayers who incur qualified educational expenses for eligible students. It increases the annual limit on the total credit amount under certain circumstances and requires the Oklahoma Tax Commission to publish relevant information regarding the program. The bill defines key terms such as "eligible student," "qualified expense," and "education service provider," and establishes maximum credit amounts based on the income of parents or guardians, particularly supporting students attending private schools accredited by the State Board of Education.

Additionally, the bill introduces specific reporting requirements for private schools involved in the program, mandating them to provide detailed data on credits claimed, the number of students awarded credits, and the reasons for any application denials. It ensures that credits received under this act are not considered taxable income for taxpayers and sets a deadline for private schools to submit enrollment and tuition information to the Oklahoma Tax Commission. The bill also allows eligible private schools until March 1, 2027, to meet accreditation requirements if they were participating as of April 15, 2025, and is set to take effect on November 1, 2026.