Bill > SB1401

This bill modifies the insurance premium tax rates and home office tax credit provisions for insurance companies in Oklahoma. Specifically, the bill reduces the insurance premium tax rate from 2.25% to 1.96% beginning July 1, 2026, and limits the home office credit for insurance companies to fiscal years through June 30, 2026. The bill applies to various types of insurance entities, including life insurance policies, foreign and domestic insurers, and medical professional liability trusts. The home office credit, which allows insurance companies to receive a tax credit based on the number of full-time Oklahoma employees and the maintenance of regional or home offices in the state, will be phased out after June 30, 2026. The bill also updates statutory language and references, and includes an emergency clause to ensure immediate implementation. The changes are intended to modify the tax structure for insurance companies while providing a transition period for affected entities.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb1401&Session=2600