Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Investing

Friday Feature: Oklahoma Parental Choice Tax Credit Program

by June 9, 2023
June 9, 2023

Colleen Hroncich

Oklahoma parents will soon have an easier time affording the educational options that work best for their children. On May 25, Governor Kevin Stitt signed legislation creating the Oklahoma Parental Choice Tax Credit Program. Previously, Oklahomans had access to vouchers for students with disabilities and tax credit scholarships that were limited to students who met income guidelines or were assigned to a lower performing public school.

The new tax credit program, which will take effect in 2024, is different from the existing tax credit scholarship program. With tax credit scholarships, businesses and individuals can receive a tax credit for donating money to scholarship‐​granting organizations that then provide scholarships for students attending private schools. With the new program, parents and guardians can receive a credit toward their own income taxes for education expenditures they’ve incurred.

Another key difference is that the new program is universal—any Oklahoma resident who is eligible to enroll in a public school qualifies for the tax credit.

The private school credits will incorporate a sliding scale based on income and can only be used for tuition and fees at eligible private schools. Families cannot receive credits beyond the tuition and fees they pay for each student. However, the credits are refundable, which means families can receive the full credit even if it is more than their state tax liability.

The maximum tax credit, $7,500 per student, is reserved for families with household incomes below $75,000.
Families whose income falls between $75,000 and $150,000 can receive a $7,000 credit per student.
Those with income between $150,000 and $225,000 are eligible for a $6,500 credit per student.
Household with incomes of $225,000 to $250,000 can receive a $6,000 credit per student.
Families earning more than $250,000 get a $5,000 credit per student.

Homeschooling families are also eligible for the new tax credit program, but their credit limit is $1,000 for eligible expenses per child regardless of income. Eligible expenses include tuition and fees for nonpublic online learning programs, tutoring services, and textbooks, curriculum, or other instructional materials. Like the private school credits, the homeschool credit is refundable.

With this new program, Oklahoma has chartered a new path—joining a growing number of states with universal school choice eligibility but taking a different approach. In recent years, West Virginia, Arizona, Utah, Iowa, Florida, and Arkansas have adopted education savings accounts that are at least on a path to universal eligibility. While nine other states have some form of an education tax credit or deduction, Oklahoma’s is the first refundable tax credit that is open to all students.

The states are often referred to as “laboratories of democracy.” We’re seeing this play out real time when it comes to educational freedom. Just last week, Nebraska Governor Jim Pillen signed the state’s first private school choice program—a tax‐​credit scholarship. Educational freedom is on the move, and that’s only likely to increase as more families understand the tremendous diversity of educational models that are now available. Oklahoma’s universal tax credit will provide a new framework for lawmakers to consider in states where there has been resistance to ESAs and other programs.

0
FacebookTwitterGoogle +Pinterest
previous post
Ichimoku Cloud: Looking to the Past to Find Future Trades
next post
Is the Bull Market Back? Watch These Charts

You may also like

Diamond, Dybvig, and Government Deposit Insurance

November 25, 2022

San Francisco Should Stop Sharing the Ankle Monitor...

May 30, 2024

Maine Legalizes the Sale of Prostitution Services

July 3, 2023

Intrusive and Unnecessary Social Media Mandates in the...

June 6, 2024

Western Muslims, LGBT Rights, and Free Speech

April 28, 2023

Nonprofit Tax Code Weaponization Alert

May 1, 2024

Big Government Doesn’t Want You to Think about...

June 24, 2024

More Steel Tariffs: Performance Art Masquerading as Trade...

April 17, 2024

Judge Blocks Jawboning?

July 5, 2023

New Online Safety Proposals Create More Problems Than...

February 2, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Friday Feature: Incubate Debate

      June 6, 2025
    • Risch urges ‘top to bottom’ USAID spending review after waste, fraud exposed

      June 6, 2025
    • Universities in Libertarian Land

      June 6, 2025
    • Elon Musk may speak to Trump aides in push to calm feud

      June 6, 2025
    • Everyone Talks About Leaving a Better Planet for Our Children: Why Don’t We Leave Better Children for Our Planet?

      June 6, 2025
    • MARK HALPERIN: Democrats try to construct a Frankenstein candidate while JD Vance gains momentum for 2028

      June 6, 2025

    Categories

    • Business (8,149)
    • Investing (2,013)
    • Politics (15,545)
    • Stocks (3,130)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved