FAMILIES with children could be getting a tax credit worth up to $5,000, as a state proposes an $800million education package.

In Oklahoma, House Bill 1935 has passed by a 75-25 margin.

It would establish refundable tax credits worth up to $5,000 for families with students that don't attend public schools.

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WHO'S ELIGIBLE

More specifically, each child that attends private school can qualify for the full amount.

Those with children that are home-schooled would get a maximum of $2,500 each.

But each parent must keep receipts for qualified expenses.

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This includes tuition, instruction materials, tutoring, and nonpublic online learning programs.

In Oklahoma, 207 private schools exist, consisting of more than 37,000 students in 2023.

However, the bill is not guaranteed to pass, as it still needs to clear the Senate.

It would also need to be signed into law by Governor Kevin Stitt.

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The U.S. Sun reached out to the Governor for comment.

ANOTHER BILL THAT PASSED

Currently, providing up to $800million for the education sector in the state is under consideration.

House Bill 2775 has also passed, which would provide a $300million boost to public school funding.

It would support classroom essentials and provide school staff with additional raises.

The bill would also automatically bump salaries for all teachers in the state by $2,500.

OTHER TAX NEWS

While we wait to see if the bills become law in Oklahoma, federal tax credits this filing season are available.

This includes the Child Tax Credit, which is only worth $2,000 this year as the expanded version expired.

Qualifying parents must have a modified adjusted gross income of $200,000 or less in order to claim the full amount.

This amount is for single filers, heads of household and those who are married but filing separately.

For joint filers, that number jumps to $400,000.

Low-to-moderate-income households and individuals should look at the earned income tax credit (EITC).

Eligible individuals can get $600 this year, while families are eligible for the following amounts:

Also, the Inflation Reduction Act brought Solar Tax Credit into effect in August.

Homeowners and renters can claim up to $8,000 for purchasing energy-efficient appliances.

For 2022, households can receive a tax credit to cover 30 percent of the costs of installing rooftop solar.

For more related stories, here are the 12 states offering payments to parents worth up to $1,000.

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And see if you’re one of the millions that can claim direct payments worth up to $3,600.