Starting in January 2024, Oklahoma's newly enacted Parental Choice Tax Credit, as outlined in Oklahoma HB 1934, offers families the opportunity to receive tax credits that can assist them in covering the costs of private school tuition and fees for their children. Parents may be eligible for a refundable tax credit ranging from $5,000 to $7,500 per child, calculated based on their household income from the second year prior. For example, the 2022 federal Adjusted Gross Income would be used for the 2024 tax credit. Families with an income below $150,000 will be prioritized for these tax credits, which will be disbursed in two installments sometime in the fall and spring. The amount of the tax credit is dependent upon a family's federal Adjusted Gross Income. The amount available per child per year is as follows:

• $7500 for family incomes below $75,000

• $7000 for family incomes over $75,001 but not exceeding $150,000

• $6500 for family incomes over $150,001 but not exceeding $225,000

• $6000 for family incomes between $225,001 and $250,000

• $5000 for family incomes over $250,001

Evergreen Academy families will not be eligible for the tax credit in the fall of 2024. Since this is our first semester, we are working diligently to become an accredited school by the State of Oklahoma before the November/December 2024 tax credit application window opens. If we meet this deadline, families will be eligible to apply for the state tax credit for spring and fall of 2025. Once accredited, EA will send out information on how to apply for the tax credit.

"Qualified expense" refers to the costs associated with tuition and fees at a private school that holds accreditation from the State Board of Education or any other recognized accrediting association, including the Oklahoma Private School Accrediting Commission (OPSAC) and accrediting associations acknowledged by OPSAC.

In the event that there are multiple eligible students, the taxpayer has the opportunity to claim the tax credit for each of these eligible students. To illustrate, if the federal Adjusted Gross Income (AGI) of the household where the students are residing is below $75,000, the taxpayer may be eligible for a maximum of $7,500 per year for each eligible student. The application process allows for the inclusion of all eligible students within the same household on a single application.

• For tax year 2024, the state has authorized $150 million in tax credits.

• For tax year 2025, the state has authorized $200 million in tax credits.

• For tax year 2026, the state has authorized $250 million in tax credits. The state will provide tax credits beyond 2026, but those amounts have yet to be determined.

If accreditation is attained in fall of 2024, Evergreen Academy will be providing its current families with information on how and when to apply for Oklahoma Tax Credits for 2025.