SB1802

Oklahoma SB1802 creates a catastrophe savings account for primary residences, allowing tax deductions for deposits up to $250,000.

Oklahoma SB1802 establishes a catastrophe savings account for primary residences, allowing tax deductions for deposits up to $250,000. The account's purpose is to cover qualified catastrophe expenses. For tax year 2027 and subsequent years, interest or returns from the account are exempt from taxable income, and distributions for qualified catastrophe expenses are also exempt. The act becomes effective January 1, 2027.