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Tax Credits

Oklahoma Private School Tax Credits

What Families Need to Know

With the passage of Oklahoma HB 1934, Oklahoma families will be able to receive tax credits to help cover the cost of private school tuition and fees, starting in 2024.

The Oklahoma Tax Commission will be releasing more details soon, but we do know:

  • The tax credit is REFUNDABLE–meaning the amount a family receives is not dependent upon how much Oklahoma tax you owe. 

  • The amount of the tax credit is dependent upon a family’s income. The amount available per child per year is

    • $7500 for family incomes below $75,000

    • $7000 for family incomes over $75,000 but not exceeding $150,000

    • $6500 for family incomes over $150,000 but not exceeding $250,000

    • $6000 for for family incomes between $225,000 – $249,999

    • $5000 for family incomes over $250,000

  • Families with income under $150,000 will receive priority for tax credits.

  • The credit will be received in two installments–each of which shall be half of the tax credit for which the family qualifies. (The dates of these installments have not been released.)

  • The credit is available “for a resident of this state who is eligible to enroll in a public school in this state”, so we expect the credit to be for students in Pre-K through 12th grade. 

  • There is a cap on distributed funds each year, with preference given to families with lower incomes.

    • $150 million in 2024

    • $200 million in 2025

    • $250 million in 2026

 

 

Tax Credits Frequently Asked Questions

Will anything change about Central Baptist Academy--its admission policies, its classroom size, its culture?

  • No, Central Baptist Academy will remain committed to our mission – to provide a quality education, while promoting a Christian worldview, that will equip students for their God-given purpose in this world – and to welcoming families to Central who share a commitment to this mission.  CBA will continue to limit class enrollment sizes to that which enables an enjoyable comradery while balancing the need to more personal training.  We are presently preparing for additional growth through the acquisition of modular classroom expansion.

I am Currently A CBA Family. What do I need to do.

  • Central Baptist Academy will be providing its current families with information throughout the fall of 2023 on how and when to apply for Oklahoma Tax Credits for 2024. Look for emails and newsletter information on this process.

I am considering applying my student for 2024-25. What do I need to do?

  • Applications for the 2024-2025 school year may be submitted at any time in advance of the fall 2024 semester.  With CBA maintaining a high student retention rate annually, limited classroom space, and the tax credit being first come first served with reduced caps, it is strongly recommended that interested families complete our regular admissions process right away. Once accepted and enrolled, families will be provided with information on how to apply for an Oklahoma Tax Credit.

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