Oklahoma legislation · 2026 Regular Session
Oklahoma HB3818: Insurance; taxable income and adjusted gross income; deduction for contributions to certain qualified accounts; tax exemption; deduction based on certain expenditures; effective date.
Status: In committee, April 21, 2026
What the bill says
An Act relating to insurance; amending 68 O.S. 2021, Section 2358, as last amended by Section 2, Chapter 277, O.S.L. 2024 (68 O.S. Supp. 2025, Section 2358), which relates to Oklahoma taxable income and Oklahoma adjusted gross income; authorizing deduction for contributions to certain qualified accounts; providing exemption from income tax for income derived from principal balances; defining terms; providing for deduction based on certain expenditures related to losses, damage or disaster; and providing an effective date.
From the engrossed text, March 24, 2026:
An Act relating to insurance; amending 68 O.S. 2021, Section 2358, as last amended by Section 2, Chapter 277, O.S.L. 2024 (68 O.S. Supp. 2025, Section 2358), which relates to Oklahoma taxable income and Oklahoma adjusted gross income; authorizing deduction for contributions to certain qualified accounts; providing exemption from income tax for income derived from principal balances; defining terms; providing for deduction based on certain expenditures related to losses, damage or disaster; and providing an effective date. BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA: SECTION 1. AMENDATORY 68 O.S. 2021, Section 2358, as last amended by Section 2, Chapter 277, O.S.L. 2024 (68 O.S. Supp. 2025, Section 2358), is amended to read as follows: Section 2358. For all tax years beginning after December 31, 1981, taxable income and adjusted gross income shall be adjusted to arrive at Oklahoma taxable income and Oklahoma adjusted gross income as required by this section. ENGR. H. B. NO. 3818 Page A. The taxable income of any taxpayer shall be adjusted to arrive at Oklahoma taxable income for corporations and Oklahoma adjusted gross income for individuals, as follows: 1. There shall be added interest income on obligations of any state or political subdivision thereto which is not otherwise exempted pursuant to other laws of this state, to the extent that such …