OK SB892

Amends Oklahoma's insurance premium tax credit program (Section 625.1) for insurers maintaining regional home offices in the state, making all existing credits subject to new limitations in Section 625.2

Imposes a 5-year maximum claiming period for the Home Office Credit, with years claimed prior to the act's effective date not counting against this limit

Establishes annual caps on total credits all taxpayers may claim: $15 million (2016), $17 million (2017), $19 million (2018), $21 million (2019), $23 million (2020), and $25 million (2021 and beyond)

Requires proportional reduction of each taxpayer's credit percentage when total claims exceed the annual cap, calculated by dividing the annual limit by total credits claimed

Removes emergency clause and July 1, 2016 effective date through committee amendments, leaving effective date unspecified