Of the three tax relief 2023 proposals introduced, Oklahoma Governor Kevin Stitt prioritized the bill for private and home-schooled students. Reports say the bill will benefit around 60,000 families of a total of up to $300 million.Out of the three tax relief 2023 proposals in Oklahoma, the governor of the state, Kevin Stitt, announced that he will be prioritizing the Parental Choice Tax Credit Act of the Republicans. Reports say this bill will provide tax relief to around 60,000 private and home-schooled students with a total amount of up to $300 million.
According to Stecklein, however, on March 6, a critic questioned why Stitt would prioritize a tax relief plan for a minority of residents instead of promoting a plan that would offer tax relief to the majority. Nonetheless, Stitt insisted that the Parental Choice Tax Credit Act may be able to open several new schools and more benefits for parents.
More about the Tax Relief 2023 in Oklahoma
According to Walker, the Tax Relief 2023 will allow parents with children enrolled in private schools to receive a yearly tax credit worth $5,000. On the other hand, those parents with home-schooled students will receive a yearly tax credit worth $2,500. These parents can also claim a tax credit that can be used to pay for tuition, textbooks, standardized tests, tutoring, and existing enrollment.
Nonetheless, Stitt stated that he is focused on returning the money to the residents along with increasing Oklahoma’s tax base. Reportedly, this would be possible through permanently or temporarily cutting the grocery taxes, reducing the income taxes, or both.