The Health Care Sharing Ministry Tax Parity Act establishes new provisions regarding income tax deductions for members of health care sharing ministries (HCSMs) in Oklahoma. The act defines HCSMs as not-for-profit organizations that facilitate the sharing of medical expenses among members who share common ethical or religious beliefs. It outlines the criteria for HCSMs, including the requirement for quarterly financial reporting, annual audits, and a disclaimer clarifying that participation does not constitute insurance.

Starting in tax year 2027, qualified individuals who are active members of an HCSM for at least one month can deduct their qualified health care sharing expenses from their Oklahoma adjusted gross income. Additionally, any qualified health care share received that has not been deducted will be exempt from taxable income. The act will remain in effect until the state stops collecting individual income tax and is set to take effect on November 1, 2026.