Senate Bill 148 Summary

• Amends Oklahoma income tax law to exempt amounts paid or received by individuals as members of health care sharing ministries from taxable income, effective for tax years beginning after December 31, 2015.

• Defines "health care sharing ministry" as a faith-based, non-profit entity exempt under Internal Revenue Code Section 501(c)(3) that facilitates medical expense sharing among participants of similar faith with no insurance promises.

• Exemption applies to amounts paid by individuals as members, amounts received by members, and amounts paid by employers on behalf of employees for health care sharing ministry membership, provided such amounts are not deducted on federal returns.

• Requires health care sharing ministries to provide written monthly statements to participants, include specific disclaimers that the organization is not insurance, and operate with no assumption of risk or promise to pay among participants.

• Effective date is November 1, 2015.