Oklahoma HB1473 allows tax deductions for Health Care Sharing Ministry expenses for qualified individuals.
Oklahoma HB1473, the Health Care Sharing Ministry Tax Parity Act, establishes definitions for Health Care Sharing Ministries and qualified individuals. It allows qualified individuals to deduct their health care sharing expenses from their Oklahoma state income tax returns, aligning the tax treatment with health insurance premiums. The Oklahoma Tax Commission will develop forms and guidelines for claiming these deductions and will issue annual reports on the fiscal impact. Funds received from HCSM members for medical expenses will not be considered taxable income.
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