SB1402

Oklahoma SB1402 creates the Health Care Sharing Ministries Tax Parity Act, allowing deductions for certain health care expenses and exempting shared.

Oklahoma SB1402, the Health Care Sharing Ministries Tax Parity Act, introduces tax deductions for qualified health care sharing expenses and exempts shared amounts from taxable income starting in tax year 2027. This act defines "qualified health care sharing expenses" as payments for membership in a health care sharing ministry (HCSM) for those who have been active members for at least one month in the tax year. The exemption and deduction must be claimed on a form prescribed by the Oklahoma Tax Commission, which will also establish rules for verifying claims.