SB1406

Oklahoma SB1406 creates the Health Care Sharing Ministries Tax Parity Act, allowing deductions and exemptions for qualified health care sharing.

Oklahoma SB1406 introduces the Health Care Sharing Ministries Tax Parity Act, which provides tax deductions and exemptions for qualified health care sharing expenses. This act defines "qualified health care sharing expenses" as amounts paid by a qualified individual for membership in a health care sharing ministry. For tax year 2027 and subsequent years, these expenses are exempt from taxable income. The Oklahoma Tax Commission is required to create a prescribed form for claiming these exemptions and deductions, and to implement the provisions of this act.