The Oklahoma Tax Commission cited that the delay in the application period for the Oklahoma Parental Choice Tax Credit Act was due to “obstacles.”
Oklahoma Parental Choice Tax Credit Act (Photo: McAfee & Taft)
Oklahoma Parental Choice Tax Credit Act Application Delay Due to Obstacles
The Oklahoma Parental Choice Tax Credit Act which was approved by lawmakers earlier this year would provide parents between $5,000 to $7,500 toward private school tuition and fees. Oklahoma has $150 million in credits for 2024.
According to The Center Square, the beginning of the application period for the Oklahoma Parental Choice Tax Credit Act was supposedly on Friday. However, due to unnamed obstacles, it prevented the “seamless rollout.”
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Who is Eligible for the Oklahoma Parental Choice Tax Credit Act?
According to KJRH, in order to be eligible for the Oklahoma Parental Choice Tax Credit Act, you need to be a taxpayer of the state to claim these credits.
Most credits that anyone can receive from the Oklahoma Parental Choice Tax Credit Act, for one student during each tax year is $7,500 if your yearly household income is $75,000 or less. It is worth noting that the more money you make, the less credits you can claim. Refer to the bullet point below:
Oklahoma Parental Choice Tax Credit Act: Credit Eligibility Per Tax Year
Student Household Federal AGI – Maximum Credit Amount Per Student
- Up to $75,000 – $7,500
- $75,001 to $150,000 – $7000
- $150,001 to 225,000 – $6,500
- $225,001 to $250,000 – $6,000
- $250,001 and up – $5,000
