The proposed bill, known as the Health Care Sharing Ministries Tax Parity Act, aims to provide tax benefits for individuals participating in health care sharing ministries (HCSMs) in Oklahoma. It defines HCSMs as not-for-profit organizations that facilitate the sharing of medical expenses among members who share common ethical or religious beliefs. The bill establishes that for tax years beginning in 2027, qualified individuals can deduct certain health care sharing expenses from their Oklahoma adjusted gross income and exempt any qualified health care share received from taxable income.

Additionally, the bill mandates that claims for these deductions and exemptions must be made using a prescribed form, and the Oklahoma Tax Commission is tasked with creating rules to implement these provisions, including verification requirements. The act is set to take effect on November 1, 2026, and includes a non-codification clause, meaning it will not be added to the Oklahoma Statutes.