Loading chat...
OK SB1401
Bill
AI Summary
-
Reduces the insurance premium tax rate from 2.25% to 1.96% beginning July 1, 2026, applicable to all insurance companies, health maintenance organizations, and medical professional liability trusts doing business in Oklahoma
-
Eliminates the "Home Office Credit" for foreign, alien, and domestic insurers after June 30, 2026; this credit previously allowed insurers with 200+ full-time Oklahoma employees maintaining regional or home offices to reduce their premium tax liability by 15-50%
-
Maintains the reduced tax rate of 0.1% for employer-owned life insurance policy premiums exceeding $100,000 per policy year
-
Premium taxes collected from contracted entities under the Ensuring Access to Medicaid Act continue to be deposited in the Medicaid Health Improvement Revolving Fund, exempt from standard apportionments
-
Effective date is July 1, 2026, with an emergency clause for immediate effect upon passage and approval
Legislative Description
Insurance premium tax; modifying rate for certain fiscal years; limiting home office credit to certain fiscal years. Effective date. Emergency.
Last Action
Second Reading referred to Revenue and Taxation Committee then to Appropriations Committee
2/3/2026