Bill No. HB3388
Bill ID
1818958
State
OK
Title
Income tax credits: prohibiting claims for deduction from certain tax credit; providing exemption for certain tax credits received;
Description
PFPS Summary: HB3388 provides that tax credits received under the Oklahoma's tax credit voucher program are not themselves taxable income. It also amends the definition of (1) eligible student to include students who expect to enroll in private school and (2) qualified expenses to not include coverage of tuition and fees reduced by scholarships and discounts provided by the school. The bill also allows clarifies that voucher funds can be used for both in person and online "learning programs." The bill adds new tax credit provisions for students attending private schools that exclusively serve students experiencing homelessness ($7,500 or the private school cost, whichever is less) and provides that the credit amount shall be up to $7,500 for students attending private schools which have 90 percent or more students from families making less than 250% of the poverty line, regardless of the income of family receiving the voucher (under existing law this is the credit for families making $75,000 or less, with credits decreasing to $5,000 for families making more than $250,000).
Bill Type
Bill
Category
Change to Program, Large Scale Individual Tax Credit
Session
2024 Regular Session
Special Session
No Data Available
Current Status
Passed
Status Last Updated
2024-05-06
Pending Committee