The Parental Choice Tax Credit affords families the opportunity to select the most suitable educational institution for their children.
Starting in January 2024, families in Oklahoma can receive tax credits to help pay for private school tuition and fees thanks to the passing of Oklahoma HB 1934
. Parents can get a refundable tax credit of at least $5,000 and up to $7,500 per child to cover the cost of tuition and fees at an accredited private school.
Tax credits are determined based on the household income from the second year prior to the tax credit (which means the 2022 Adjusted Gross Income for the 2024 tax credit). Families with income below $150,000 will have first priority for tax credits. The tax credit will be given in two parts, with each installment being half of the tax credit the family is eligible for. The specific dates for these installments have not yet been announced.
The amount of the tax credit is dependent upon a family’s Adjusted Gross Income. The amount available per child per year is as follows:
$7500 for family incomes below $75,000
$7000 for family incomes over $75,001 but not exceeding $150,000
$6500 for family incomes over $150,001 but not exceeding $225,000
$6000 for for family incomes between $225,001 – $250,000
$5000 for family incomes over $250,001