Oklahoma § 68-2357.501 Credit for firefighters' medical bills related to

Oklahoma Statutes

§ 68-2357.501 — Credit for firefighters' medical bills related to

Oklahoma § 68-2357.501

Title 68Revenue And Taxation

This text of Oklahoma § 68-2357.501 (Credit for firefighters' medical bills related to) is published on Counsel Stack Legal Research, covering Oklahoma primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Okla. Stat. tit. 68, § 68-2357.501 (2026).

Text

cancer.

A.As used in this section: 1. “Cancer” means, but is not limited to, lung cancer, prostate cancer, testicular cancer, skin cancer, colon cancer, breast cancer, or any other form of cancer which is generally recognized as having a higher risk of occurrence in a person who performs firefighting services; 2. “Firefighter” means a person trained or certified as skilled in the prevention and control of fires in residential and commercial structures and naturally occurring fires commonly known as wildfires; and 3. “Unreimbursed cost” means a portion of an expense which is not covered or not fully covered under a health insurance policy and for which a taxpayer expends money and is not able to recover the expenditure.

B.For tax year 2026 and subsequent tax years, there shall be allowed

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cancer. A. As used in this section: 1. “Cancer” means, but is not limited to, lung cancer, prostate cancer, testicular cancer, skin cancer, colon cancer, breast cancer, or any other form of cancer which is generally recognized as having a higher risk of occurrence in a person who performs firefighting services; 2. “Firefighter” means a person trained or certified as skilled in the prevention and control of fires in residential and commercial structures and naturally occurring fires commonly known as wildfires; and 3. “Unreimbursed cost” means a portion of an expense which is not covered or not fully covered under a health insurance policy and for which a taxpayer expends money and is not able to recover the expenditure. B. For tax year 2026 and subsequent tax years, there shall be allowed as a credit against the tax imposed pursuant to Section 2355 of Title 68 of the Oklahoma Statutes an amount equal to the unreimbursed cost, not to exceed Two Hundred Fifty Dollars ($250.00) per taxable year, incurred by a firefighter for the cost of medical procedures to detect any form of cancer. C. The credit authorized by this section shall not be used to reduce the income tax liability of the taxpayer to less than zero (0). D. The credit authorized by this section, to the extent not used, may be carried over, in order, to each of the five (5) subsequent tax years. E. For tax year 2028 and subsequent tax years, the total amount of credits authorized by this section used to offset tax shall be adjusted annually to limit the annual amount of credits to One Million Five Hundred Thousand Dollars ($1,500,000.00). The Oklahoma Tax Commission shall annually calculate and publish by the first day of the affected year a percentage by which the credits authorized by this section shall be reduced so the total amount of credits used to offset tax does not exceed One Million Five Hundred Thousand Dollars ($1,500,000.00) per year. The formula to be used for the percentage adjustment shall be One Million Five Hundred Thousand Dollars ($1,500,000.00) divided by the credits claimed in the second preceding year. F. In the event the total tax credits authorized by this section exceed One Million Five Hundred Thousand Dollars ($1,500,000.00) in any calendar year, the Tax Commission shall permit any excess over One Million Five Hundred Thousand Dollars ($1,500,000.00) but shall factor such excess into the percentage adjustment formula for subsequent years.