Income tax; creating the Health Care Sharing Ministries Tax Parity Act; providing deduction for certain expenditures. Effective date.

SB 1402, the "Health Care Sharing Ministries Tax Parity Act," creates tax benefits for Oklahoma residents who participate in qualifying health care sharing ministries (HCSMs). It allows eligible residents to deduct qualified health care sharing expenses (including membership fees and administrative costs) from their Oklahoma adjusted gross income for tax years 2027 and later. Additionally, it exempts from taxable income any "qualified health care share" received by individuals through an HCSM for medical expenses. The bill defines HCSMs as not-for-profit, faith-based organizations that operate without insurance-like guarantees, and requires claims to be filed using forms prescribed by the Oklahoma Tax Commission.