Admission

What is the private school tax credit?
‍Beginning in tax year 2024, a refundable income tax credit is allowed for certain Oklahoma taxpayers who pay, or expect to pay, tuition and fees to an eligible private school on behalf of an eligible student. An eligible taxpayer is someone who is subject to the tax laws of the state of Oklahoma, and who is a biological or adoptive parent, grandparent, aunt, uncle, legal guardian, custodian, or other person with legal authority to act on behalf of the eligible student.

How do I apply?
‍An online application should be available F

What do I need from the school to apply?
The school will upload an Enrollment Verification Form for families who have signed a contract for the 2024-2025 school year. This form includes the student’s estimated net amount of qualified tuition, reduced by any tuition assistance, and will be uploaded to the state portal between Feb. 5-15. An Enrollment Verification Number will then be sent to the family.

Do Holland Hall students qualify as eligible students for this program?
‍Yes.

‍For this purpose, is Holland Hall considered an eligible accredited private school
‍Yes.

What is the maximum amount of the tax credit for which I may be eligible?
‍The maximum amount of the credit is determined by the total federal AGI of the student's household during the second preceding tax year.‍

What expenses qualify?
"Qualified expense" means tuition and fees at a private school accredited by the State Board of Education or another accrediting association, which includes the Oklahoma Private School Accrediting Commission (OPSAC) and any OPSAC-recognized accrediting associations. Fees include enrollment, registration, or application fees; textbook fees; technology fees; activity fees; testing and assessment fees; and fees paid for school uniforms, if paid directly to the school.

If my application is approved, how much tax credit will I receive?
‍The credit amount will be based on the anticipated private school tuition and fees you expect to pay for the tax year, as indicated in the private school’s Enrollment Verification Form. Each payment will not exceed half of the allowable credit for the applicable tax year.

How will tax credits be issued?
‍Tax credits will be paid in two installments and each payment will not exceed half of the allowable credit.  The checks will be made payable to the taxpayer submitting the application but the payment is sent to the school. Taxpayers will be required to personally appear at the school to either sign the check over to the school or collect the check from the school if tuition has already been paid.

Do I apply for the credit once a year, or do I need to apply before each school semester/quarter?
‍Only one application is required for each tax year. For tax year 2024, the application process opens on December 1, 2023.  Each year thereafter, you can apply for the credit beginning on the first day of December preceding the applicable tax year. For example, the application process opens on December 1, 2024, for tax year 2025. The deadline to apply is on or before December 31 of the tax year you incur private school tuition and fees, or until the cap has been met, whichever occurs first.

How much is the cap for the private school tax credit?

• For tax year 2024, the OTC cannot authorize more than $150 million tax credits.
  
• For tax year 2025, the OTC cannot authorize more than $200 million tax credits.
  
• For tax year 2026 and subsequent tax years, the OTC cannot authorize more than $250 million tax credits.
  

Do I need to fill out an application for each child who is enrolled in a private school?
As of right now, the rules state that it is one application per family, rather than one application per child.

I have more questions. Who do I ask?
‍The Oklahoma Parental Choice Tax Credit Program Resource Center has an FAQ that delves into the application process, tax questions and more — https://www.parentalchoice.ok.gov/resource-center. If you have further questions, send emails to taxcreditquestions@hollandhall.org.