OK HB3818

Creates a new income tax deduction for contributions to "qualified insured loss savings accounts" used to pay insurance deductibles or cover uninsured losses for a primary residence or up to three motor vehicles

Exempts from Oklahoma income tax any interest income earned on principal deposited in these qualified savings accounts

Restricts withdrawals from qualified accounts to paying insurance deductibles, covering expenses from damage, disasters, or accidents to the primary residence or qualifying motor vehicles

Defines "primary residence" as a dwelling occupied by the taxpayer for at least six months each calendar year, including properties with approved homestead exemptions

Becomes effective January 1, 2027