Up to $5000 tax credit could be claimed by families with children as the state proposes an $ 800 million education package.
A new proposed $800 million education package in Oklahoma is set to provide families with students who do not attend public schools up to a $5000 tax credit which is refundable. House Bill 1935, which has already passed by a margin of 75-25, offers eligible families with children attending private schools a full tax credit amount, while those with homeschooled children will receive a maximum of $2,500 each.
Eligibility Requirements for the $5000 Tax Credit
Each child that is enrolled in a private school can qualify for the full $5000 Tax Credit. Children that are home-schooled would get a maximum amount of $2,500 each. To qualify for the $5000 tax credit, each parent must keep the receipts of their expenses like tuition, tutoring, instruction materials, and nonpublic online learning programs.
According to Tulsa World, the bill would not limit the general amount that could be claimed in a year, but Rep. Rhonda Baker suggested that the Republican caucus believes it would be about $300 million.
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According to a published article in the U.S. Sun, there are currently 207 private schools in Oklahoma with more than 37,000 students enrolled in 2023. However, the proposed bill is not guaranteed to pass as still needs to clear the Senate and be signed into law by Governor Kevin Stitt.
Overall, the proposed up to $5000 tax credit under the education package in Oklahoma is set to provide significant tax relief to families with students who do not attend public schools. While the bill is not guaranteed to pass, the state is also considering other bills aimed at boosting public school funding and supporting teachers.
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