Oklahoma Health Insurance Tax Break
Even though individual health insurance rates are rising across America, it’s not all bad news for one state! A KFSM News report says that a tax credit may be in the future for purchasers of Oklahoma health insurance. If the state legislature passes the proposal, individuals will be able to deduct the full cost of their health insurance on their income tax returns. The tax break would take effect in 2010 and beyond.
So far, the state House Revenue and Taxation Subcommittee has approved the bill, which is a good sign. Estimates claim that around $2.2 billion in health insurance premiums will be eligible for deduction. The tax credit will make health insurance more affordable, and is hoped to cut into the number of uninsured Oklahoma residents (currently about 600,000).
