HB1834

Oklahoma HB1834 establishes the Inhofe Disaster Savings Account Act, allowing tax deductions for contributions and exempting interest income from tax.

Oklahoma HB1834 creates the Inhofe Disaster Savings Account Act, which allows individuals to make tax-deductible contributions to a Disaster Savings Account for qualified disaster expenses. Contributions are exempt from income tax, and interest income earned is also tax-free. The account is protected from legal processes and has contribution limits based on the taxpayer's deductible amount. Distributions are tax-free if used for qualified disaster expenses, and the Oklahoma Tax Commission must provide rules and notice. The act becomes effective November 1, 2025.