Bill > SB1135

This bill modifies Oklahoma's health insurance premium tax laws by making several key changes. First, it clarifies that certain payments received by health maintenance organizations from the federal Secretary of Health and Human Services under Medicare contracts are no longer considered taxable premiums. The bill also adjusts the taxation rate for life insurance policies purchased by employers for their employees, setting a 2.25% tax rate for policy year premiums up to $100,000 and a 0.1% rate for premiums exceeding that amount. Additionally, the bill specifies that premium taxes collected from certain contracted entities will be deposited into the Medicaid Health Improvement Revolving Fund and will not be subject to previous apportionment requirements. The legislation further restricts tax credits for regional home office establishment or expansion, specifically preventing contracted Medicaid entities from accessing these credits. These changes aim to provide more precise guidelines for insurance premium taxation and modify financial provisions related to health insurance and Medicaid-related entities in Oklahoma. The bill includes an emergency clause, meaning it will take effect immediately upon passage and approval.