The bill amends the Oklahoma Parental Choice Tax Credit Program by adjusting the credit amounts available to taxpayers with qualified educational expenses for eligible students. It raises the maximum credit for taxpayers with a combined adjusted gross income of up to $75,000 to $7,500, while reducing the maximum credit for those with incomes between $75,000 and $150,000 to $5,000. The previous tiered structure for incomes above $150,000, which allowed credits up to $6,500, is eliminated, establishing a flat maximum credit of $5,000 for this income bracket. Additionally, the bill removes a notice requirement for applicants whose income exceeds $150,000. It also outlines the Oklahoma Tax Commission's role in administering the credits, including audit provisions and the recapture of improperly claimed credits.

Moreover, the bill specifies that credits received under the Oklahoma Parental Choice Tax Credit Act will not be considered taxable income for recipients. It requires participating private schools to electronically submit student enrollment and tuition information to the Oklahoma Tax Commission by June 15 each year, with non-compliance potentially leading to denial of future participation. The bill sets a deadline for eligible private schools to meet accreditation requirements, allowing those participating as of April 15, 2025, until March 1, 2027, to fulfill these standards. While the act is set to take effect on July 1, 2026, it includes an emergency clause for immediate enactment upon passage to ensure public peace, health, or safety.