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Enrollment opening soon - check back on/before Dec. 1, 2023!
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Oklahoma Parental Choice Tax Credit Act
The Oklahoma Parental Choice Tax Credit provides parents of students in private school a refundable tax credit ranging from a minimum of $5,000 up to a maximum of $7,500 per child to cover the cost of private school tuition and fees, or parents of students in home school a refundable tax credit of $1,000 to cover the cost of unbundled educational expenses.
Beginning in tax year 2024, a refundable income tax credit is allowed for certain Oklahoma taxpayers who pay, or expect to pay, tuition and fees to an eligible private school on behalf of an eligible student. An eligible taxpayer is someone who is subject to the tax laws of the state of Oklahoma, and who is a biological or adoptive parent, grandparent, aunt, uncle, legal guardian, custodian or other person with legal authority to act on behalf of the eligible student. -
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Frequently Asked Questions
The rules have now been released. Updated 10/26/2024
When does the enrollment window open?
Soon! The enrollment window will only be open for a few weeks, from Dec. 1, 2023- Feb.1, 2024, and the credits will be awarded on a first-come, first-serve basis until funding cap for the year is reached. Check back soon for the link to enroll!
How much is the cap for the private school tax credit?
For tax year 2024, the OTC cannot authorize more than $150 million of tax credits. For tax year 2025, the OTC cannot authorize more than $200 million of tax credits. For tax year 2026 and subsequent tax years, the OTC cannot authorize more than $250 million of tax credits.
What is the amount of tax credit a person may be eligible for?
The maximum amount of the credit is determined by the total federal Adjusted Gross Income of the student's household during the second preceding tax year. Households with an AGI of $0-$75,000 can receive $7,500; households with an AGI of $75,001-$150,000 can receive $7,000; households with an AGI of $150,001-$225,000 can receive $6,500; households with an AGI of $225,001-$250,000 can receive $6,000 and households with an AGI of $250,001 and up can receive $5,000.
Who is eligible?
An Oklahoma taxpayer who is liable to pay any Oklahoma tax.
A non-resident military servicemember stationed in Oklahoma
Who qualified as an eligible student?
A student who is a resident of Oklahoma who is eligible to enroll in an Oklahoma public school . Eligible student shall include a student who iss enrolled in and attending an eligible private school in Oklahoma if it is accredited by the State Board of Education or another accrediting agency.
Note: All Catholic schools in the Archdiocese of Oklahoma City are accreditated either by the State Department of Education (Cristo Rey), Cognia (Bishop McGuinness Catholic High School, Mount St. Mary) or OCCSAA under OPSAC (all other Catholic elementary schools in the archdiocese)
What is a qualified expense?
Tuition and fees at a private school. Fees can also include registration, application, textbook, technology, and assessmen fees. Uniform fees can only be claimed if paid directly to the school.
What if a person has more than one child who is eligible for the credit?
In the case of having multiple eligible students in one household, the taxpayer may receive the tax credit for each eligible student. For example, if the federal AGI of the household where the students reside is less than $75,000, the taxpayer may qualify for up to $7,500 per year per eligible student. One application per family will need to be completed.
Do I apply for the credit once a year, or before each semester?
Only one application is required for each tax year. For the 2024 school year, the application process opend on December 1 and will be open until Feb. 1. Priority will be given to those families making less than $150,000 AGI. After Feb. 1, applications will be considered in the order that they were received for the other tax brackets until the cap is met for the year, whichever happens first.
For the 2025 school year the application will be Dec. 1-Dec. 31 for priority consideration.
If someone is the grandparent of the student, is paying the student's private school tuition in 2024, and the student has never lived with them, are they required to provide a copy of their tax return or the tax return of the household where the student lives?
You must provide a copy of the Oklahoma income tax return or the federal income tax return for the second preceding tax year of the household where the student resides.
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Preguntas frecuentes sobre el crédito fiscal por elección de los padres
¿Qué es el crédito fiscal por elección de los padres?
A partir del año fiscal 2024, se permite un crédito reembolsable del impuesto sobre la renta para ciertos contribuyentes de Oklahoma que pagan, o esperan pagar, la matrícula y las cuotas a una escuela privada elegible en nombre de un estudiante elegible. Un contribuyente elegible es alguien que está sujeto a las leyes fiscales del estado de Oklahoma, y que es padre biológico o adoptivo, abuelo, tía, tío, tutor legal, custodio u otra persona con autoridad legal para actuar en nombre del estudiante elegible.
¿Cuándo se abre el periódo de inscripción?
¡Pronto! El plazo de inscripción sólo estará abierto durante unas semanas, a partir del 1 de diciembre de 2023, y los créditos se concederán por orden de llegada hasta que se alcance el límite de financiación para el año. Consulta pronto el enlace para inscribirte.
¿Cuál es el límite para el crédito fiscal para escuelas privadas?
Para el año fiscal 2024, la OTC no puede autorizar más de $150 millones de créditos fiscales. Para el año fiscal 2025, la OTC no puede autorizar más de 200 millones de dólares de créditos fiscales. Para el ejercicio fiscal 2026 y siguientes, la OTC no puede autorizar más de 250 millones de dólares de créditos fiscales.
¿Cuál es el importe del crédito fiscal al que puede optar una persona?
El importe máximo del crédito viene determinado por el total del Ingreso Bruto Ajustado federal del hogar del estudiante durante el segundo ejercicio fiscal anterior. Los hogares con un AGI de $0-$75,000 pueden recibir $7,500; los hogares con un AGI de $75,001-$150,000 pueden recibir $7,000; los hogares con un AGI de $150,001-$225,000 pueden recibir $6,500; los hogares con un AGI de $225,001-$250,000 pueden recibir $6,000 y los hogares con un AGI de $250,001 y más pueden recibir $5,000.
¿Qué ocurre si una persona tiene más de un hijo con derecho al crédito?
En caso de tener varios estudiantes que reúnan los requisitos en un mismo hogar, el contribuyente podrá recibir el crédito fiscal por cada estudiante que reúna los requisitos. Por ejemplo, si el AGI federal del hogar donde residen los estudiantes es inferior a $75,000, el contribuyente puede optar a un máximo de $7,500 anuales por cada estudiante que reúna los requisitos. No obstante, es importante tener en cuenta que debe cumplimentarse y presentarse una solicitud distinta por cada estudiante que reúna los requisitos para cada ejercicio fiscal.
Si alguien es el abuelo del estudiante, está pagando la colegiatura de la escuela privada del estudiante en 2024, y el estudiante nunca ha vivido con ellos, ¿están obligados a proporcionar una copia de su declaración de impuestos o la declaración de impuestos del hogar donde vive el estudiante?
Debe proporcionar una copia de la declaración de impuestos de Oklahoma o de la declaración federal de impuestos del segundo año fiscal anterior del hogar donde reside el estudiante.
