Oklahoma Private School Tax Credits

What Families Need to Know

 

• House Bill 1934 goes into effect on January 1, 2024.  The intent of the bill is to provide funding via 2 annual tax credit checks to Oklahoma families enrolled in private education.  It is available to any family, regardless the number of children they have enrolled.  Below is a snapshot of information further explaining the law:​

  • Funding

    • The state has set aside educational funds for the upcoming 3 calendar years as follows:

      • 2024 - $150,000,000

      • 2025 - $200,000,000

      • 2026 - $250,000,000

  • Approved Expenses

    • The state has designated the funds to cover costs for tuition, registration, materials, and activities. 

  • Tax Credits

    • The state has tiered the value of tax credits it will offer (while funding is available) based on annual household income.  The breakdown is as follows:

      • Up to $75,000 = Maximum credit per child $7,500

      • $75,001 - $150,000 = Maximum credit per child $7,000

      • $150,001 - $225,000 = Maximum credit per child $6,500

      • $225,001 - $250,000 = Maximum credit per child $6,000

      • $250,001 and up = Maximum credit per child $5,000

    • The state has prioritized sending credits to those in greatest need in the following way:

      • Household income of $150,000 or less will receive priority over those with a higher income. February 1, 202X, is the deadline for those earning under this amount to submit their child’s application to be considered for priority disbursement. Applications sent after this date will be considered in a first come first served manner, following the applications of higher income already submitted.

      • The state is only accepting one application per household for these tax credits. i.e., homes with multiple enrollees only need to apply once.

      • The state requires the application be submitted by a parent or legal guardian of the enrolled children.  Family contacts may not apply for the child to receive the credit on the parent / legal guardian’s behalf.  In the case of a divorced household, the parent with legal custody must be the one submitting the application.  If the custody is split evenly, the parent responsible for paying tuition should submit the application.

    • Upon receiving applications, the Oklahoma Tax Commission will respond by email with approval or denial within 14 days.

    • Credit checks will be mailed to CBA in the name of each approved parent twice in the year. The first check will come in March to cover spring 202X expenses, the second in August or September 202X to cover fall expenses.  Someone from our staff will contact you to come endorse your check over to the school upon arrival. 

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Tax Credits Frequently Asked Questions

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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.

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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.

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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.