We know as of recently, there’s been quite a bit of buzz surrounding the parent choice tax credit regarding school choice. Governor Stitt simply says that “we’re funding students, not systems.” The faith based schools in Enid already charge significantly less than their OKC and Tulsa peer schools, so the $5000-$7500 per child credit will lower the out of pocket cost for families significantly! The Parent Choice Tax Credit will help families access an education that reinforces the Christian values being lived out in their home. More parents can now realize their desire for their child’s school to be teaching the same beliefs, priorities, and values as their home and church. Mr. Wilkins excitedly states, “The financial barriers have all but been removed for parents who want their child educated in a biblical perspective and Christian foundation for a successful life.” OBA is one of several faith based schools in Garfield county that are excited for additional families to consider their educational options.
We wanted to break down some of this information a little more for families who may have some questions.
What is the tax credit?
The Oklahoma Parental Choice Tax Credit Act allows families a specific amount of up to $7,500 to send their children to private or charter schools outside of their school district based on their zip code. The tax credit begins for the Spring of 2024 semester.
What are the details?
The measure establishes a tiered system of tax credits for parents or guardians who send their children to accredited private schools. The tax credit tiers are based on a household’s total adjusted gross income during the second preceding tax year. The credits are distributed per-student, per-year. If the tuition and fees are less than the maximum tax credit amount, the credit shall be limited to the cost of tuition and fees. There is also a tax credit for those that choose to homeschool of $1,000 per child.
Here is a breakdown of the tax credit brackets:
- Household income less than $75,000, a parent may receive up to a $7,500 credit.
- Household income $75,000 – $150,000, a parent may receive up to $7,000 credit.
- Household income $150,000 – $225,000, a parent may receive up to $6,500 credit.
- Household income $225,000-$250,000, a parent may receive up to $6,000 credit.
- For a household income exceeding $250,000, a parent may receive up to a $5,000 credit.
OBA and the Tax Credit
-YES, financial barriers are significantly reduced for accessing OBA education.
-YES, current OBA families and any new OBA families are eligible.
-YES, the tax credit is fully refundable regardless of Oklahoma tax obligation.
-YES, the Oklahoma Parental Choice Tax Credit, Opportunity Scholarship Fund, Lindsey Nicole Henry as well as OBA Discounts and OBA Tuition Assistance are stackable.
-YES, the current OBA mission, personnel, curriculum or admissions processes stay the same.
-YES, Academic Support Services are eligible expenses for the tax credit.
If you are or know a family that has been wanting to choose OBA but hasn’t been financially able to, there is a solution with this tax credit. Schedule a tour by reaching out to admissions@oklahomabible.com or calling the front office at (580)242-4104. There is limited space available, so we encourage you to tour or apply sooner rather than later! We hope to meet you soon!
How can I apply for the tax credit? As of when this article was written, we have no specific details on how families can apply for the tax credit. We do know that this will go into effect in January 2024. More details on how to apply and more will come from the Oklahoma Tax Commission soon.
