A law providing tax breaks to private schools as well as homeschool families in Oklahoma is already in force, but the program’s implementation specifics are still being worked out.
The Oklahoma Parental Choice Tax Credit Act, also known as House Bill 1934, provides refundable tax credits to defray the cost of private school tuition and ancillary costs, such as textbooks, technology, activities, as well as uniforms. The law became effective in late August.
Tax Benefits for Private School And Homeschool Families
Private school tax benefits range from $5,000 to $7,500 per child and are depending on household income.
There is no upper income limit for qualification, however lower-income households receive a greater credit.
Homeschooling families are eligible for a $1,000 educational expense grant per kid.
In accordance with the Oklahoma Tax Commission website, private school families are able to start filing on December 8 before the program begins in the 2024 tax year.
However, an author of HB 1934 emphasized that this information is vulnerable to change.
Senate President Pro Tem Greg Treat, R-Oklahoma City, is collaborating closely with school choice supporters, according to Sen. Julie Daniels, R-Bartlesville.
According to Alex Gerszewski, a Treat spokeswoman, the latest Tax Commission recommendations are not final.
The information provided by him, the agency is still establishing the rules that will govern the program and may begin collecting public feedback on proposed regulations in the next 15 to 30 days.
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First-come, First-served Basis on Tax Credit Application
Based on the agency’s website, tax credit applications will be accepted on a first-come, first-served basis.
According to the most recent information from the government, families earning $150,000 or less have until Jan. 22 to qualify for a private school tax credit. Higher-income households would have until December 31 to file.
Eligible pupils must attend a private school that has been accredited by the Oklahoma State Board of Education through the Oklahoma Private School Accrediting Commission.
State lawmakers allocated $150 million for the tax credits in the fiscal year 2024. The entire allocation will rise to $200 million in 2025 as well as $250 million in 2026.
The funding for homeschool tax credits will stay at $5 million.
According to Daniels, lawmakers may raise the quota on both programs at some point in the future.
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