The bill amends existing Oklahoma law regarding health insurance premium taxes and tax credits. It clarifies the applicability of certain exclusions related to premium taxes, specifically stating that considerations received for annuity contracts and payments from health maintenance organizations under specific federal provisions will no longer be considered premiums for insurance and thus exempt from the tax. Additionally, it updates statutory language and references, including the designation of the Medicaid Health Improvement Revolving Fund, which will now receive premium tax proceeds without being subject to certain apportionments.

Furthermore, the bill introduces a new exclusion for tax credits, stating that these credits will not be available to contracted entities as defined in a specific section of the Oklahoma Statutes. It also emphasizes that insurers must meet hiring minimum requirements to qualify for tax credits related to establishing or expanding regional home offices. The bill declares an emergency, allowing it to take effect immediately upon passage and approval.

Statutes affected:
Floor (House): 36-624
Engrossed: 36-624
Enrolled (final version): 36-624