SB 497 Summary

• Amends Oklahoma insurance premium tax credit provisions for foreign, alien, and domestic insurers maintaining regional home offices or home offices in the state in owned or leased buildings.

• Establishes a "Home Office Credit Allotment Rate" of 47% of gross premium tax owed, with credit percentages ranging from 15% to 50% based on full-time Oklahoma employee counts (more than 200 employees up to 500+ employees).

• Exempts pension fund amounts and escrowed amounts from credit calculations, with pension fund apportionments applied prior to credit calculation beginning July 1, 2010.

• Implements a phased reduction of home office credits: 50% reduction (July 1, 2017-June 30, 2018), 62.5% reduction (July 1, 2018-June 30, 2019), 75% reduction (July 1, 2019-June 30, 2020), 88% reduction (July 1, 2020-June 30, 2021), and complete elimination of credits on or after July 1, 2021.

• Becomes effective November 1, 2015.