The bill amends the Oklahoma Parental Choice Tax Credit Act by establishing new income thresholds for taxpayers seeking educational expense credits for the tax years 2024 and 2025, as well as fiscal years 2026 and 2027. It introduces a tiered credit system where families with a combined adjusted gross income of up to $75,000 can receive a maximum credit of $7,500, while those earning between $150,000 and $225,000 can receive $6,500. The bill also requires participating private schools to administer assessments to certain students and updates statutory language for clarity.

Additionally, the bill outlines new reporting and compliance requirements for private schools, mandating that they electronically submit student enrollment and tuition information by June 15 each year. Schools must also meet accreditation requirements by March 1, 2027, if they are eligible as of April 15, 2025. Starting with the 2027-2028 school year, schools must administer specific assessments to eligible students for whom tax credits have been claimed, with non-compliance potentially leading to denial of future participation. The act is set to take effect on November 1, 2026.