The Health Care Sharing Ministry Tax Parity Act aims to provide tax parity for members of health care sharing ministries (HCSMs) in Oklahoma by allowing them to deduct qualifying expenses and contributions from their state income tax returns. The bill defines HCSMs as not-for-profit organizations that facilitate the sharing of medical expenses among members who share common ethical or religious beliefs. It establishes that starting from tax years beginning on or after January 1, 2026, qualified individuals can deduct the total amount of qualified health care sharing expenses from their adjusted gross income. The legislation also mandates the Oklahoma Tax Commission to create necessary forms and guidelines for claiming these deductions and ensures that funds received from HCSM members for medical expenses are not considered taxable income.

Additionally, the bill outlines the procedures for claiming the deduction, including the requirement for individuals to submit documentation of their HCSM membership and contributions. It imposes penalties for fraudulent claims, including repayment of improperly claimed deductions and civil penalties. The Oklahoma Tax Commission is tasked with overseeing the implementation of the act and will provide an annual report to the Legislature detailing the deductions claimed and their fiscal impact. The act is set to take effect on November 1, 2025.