The bill amends the Oklahoma Parental Choice Tax Credit Program by increasing the maximum credit for eligible students attending accredited private schools to $300 million for the fiscal year 2027 and beyond. It introduces a new structure for determining maximum credit amounts based on the combined adjusted gross income of parents or guardians, with specific amounts allocated for different income brackets. Additionally, the bill outlines requirements for taxpayers claiming the credit, including the retention of receipts for qualified expenses and the obligation to notify the Oklahoma Tax Commission of any changes in a student's enrollment status. It also includes provisions for audits and the recapture of improperly claimed credits, with an immediate effective date and an emergency declaration for timely implementation.

Moreover, the bill establishes new provisions for managing and reporting tax credits related to private school tuition. In the event of a revenue failure, tax credits will be proportionately reduced based on the funding appropriated to the State Board of Education. The Oklahoma Tax Commission is tasked with maintaining a monthly updated website detailing the total amount of credits claimed, the number of students awarded credits, and their demographics, including income categories. Participating private schools are required to provide enrollment and tuition information electronically by June 15 each year, with non-compliance potentially leading to denial of future participation. Existing eligible private schools have until March 1, 2027, to meet accreditation requirements, and the act is set to take effect on July 1, 2026, with an emergency clause for immediate implementation upon passage and approval.