Oklahoma Parental Choice Tax Credit Act; prescribing procedure for enforcement of annual limit. Effective date.

SB 685 modifies Oklahoma's Parental Choice Tax Credit Program, creating an income-based tax credit for Oklahoma taxpayers who pay qualified education expenses for eligible students. The credit amount varies by household income (ranging from $5,000 to $7,500 annually) and applies to tuition/fees at accredited private schools or qualifying educational expenses like tutoring and materials. Taxpayers must submit receipts for qualified expenses and provide income documentation from the previous tax year to claim the credit. The bill also specifies special credit tiers for schools serving homeless students or financially disadvantaged students.