HB2942

Oklahoma HB2942 allows tax deductions for Health Care Sharing Ministry expenses, aligning them with health insurance premiums.

Oklahoma HB2942, the Health Care Sharing Ministry Tax Parity Act, aims to provide tax parity for Health Care Sharing Ministries (HCSMs). This act allows Oklahoma residents who are active HCSM members for at least one month during the tax year to deduct their qualified health care sharing expenses from their adjusted gross income. The Oklahoma Tax Commission will administer this deduction, issuing annual reports and handling audits. The act also mandates that funds received by qualified individuals from HCSM members for medical expenses are not considered taxable income.