House Bill No. 1834, known as the "Inhofe Disaster Savings Account Act," establishes a new framework for disaster savings accounts in Oklahoma. The bill allows individuals to create a Disaster Savings Account specifically for covering insurance deductibles and self-insured losses related to catastrophic events such as hurricanes, tornadoes, and floods. It provides tax deductions for contributions made to these accounts, exempts interest income earned from taxation, and sets specific contribution limits based on the individual's insurance deductible. Additionally, the bill outlines the conditions under which distributions from the account are taxed and specifies that the account is protected from legal processes like attachment or garnishment.

The legislation also includes provisions for the Oklahoma Tax Commission to create rules for the implementation of the act and mandates that individuals must withdraw any excess contributions by the due date of their income tax return. Furthermore, it stipulates that upon the death of the account holder, the account will be included in the income of the beneficiary, with exceptions for surviving spouses. The act is set to take effect on November 1, 2025.