Senate Bill 273 Summary

• Allows individuals to deduct up to $5,000 annually for contributions to catastrophe savings accounts, distributions used for qualified disaster expenses, and interest earned on such accounts for tax years beginning after December 31, 2015.

• Defines catastrophe savings accounts as regular savings or money market accounts exclusively for paying qualified expenses from declared emergencies (earthquake, flood, hail, lightning, tornado, wildfire, etc.).

• Specifies qualified catastrophe expenses include tornado safe rooms, impact-resistant windows and doors, roof reinforcement, flood-resistant materials, generators, and other hazard mitigation improvements to residences or vehicles.

• Restricts eligible individuals to those who occupied any Oklahoma residence or owned any registered motor vehicle during the taxable year, and limits each person to one catastrophe savings account per year.

• Protects the deduction amount from attachment, levy, garnishment, or legal process in Oklahoma.