Oklahoma SB1401 modifies the insurance premium tax rate and limits certain credits for fiscal years 2007 through 2026.
Oklahoma SB1401 amends the insurance premium tax rate, setting it at 2.25% until June 30, 2026, and 1.96% thereafter. It also limits the Home Office Credit to fiscal years 2007 through 2026. The bill specifies that insurers must maintain a home office in Oklahoma to qualify for the credit, with the credit percentage varying based on the number of full-time, year-round Oklahoma employees. Additionally, the bill mandates that certain tax credits be applied to specific pension funds before other credits.
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