Revenue and taxation; creating the Inhofe Disaster Savings Account Act; income tax; effective date.
HB 1834 creates the "Inhofe Disaster Savings Account Act" in Oklahoma, allowing homeowners to establish tax-advantaged savings accounts specifically for covering hurricane, flood, tornado, or hail-related insurance deductibles and proactive home protection costs for their primary residence. Taxpayers can deduct contributions up to specified limits (e.g., $2,000 for low deductibles, up to $15,000 or twice the deductible for higher amounts, or $350,000 for self-insured homeowners) and earn tax-exempt interest on these accounts. Distributions used for qualified disaster expenses (declared by federal or state authorities) are not taxed, but other withdrawals incur a 2.5% penalty. The bill takes effect January 1, 2026, and directly affects Oklahoma homeowners with primary residences in high-risk weather zones.
Bill status
passed
3 of 5 stages cleared
Introduction
Feb 2025
Committee Review
Mar 2025
House Passage
Mar 2025
Senate Passage
Governor
Introduced Feb 3, 2025
Last action Feb 2, 2026
Maddy AI version diff · 5 comparisons
What changed between versions
House Committee Substitute
→
Floor (House)
·
3 edits
MINOR
The bill was reformatted from a House Committee Substitute version to a Floor version, with the primary substantive change being the addition of a co-sponsor (Frix of the Senate) and the reorganization of the bill's title page and section headers. No substantive policy changes to the Disaster Savings Account provisions were made in this diff.
TECHNICAL
Added co-sponsor 'Frix of the Senate' to the bill header, indicating Senate committee approval.
Reformatted title page and section headers to match Floor version conventions, including page number and header style changes.
Removed original House Committee Substitute page headers and formatting markers.
Floor votes
How they voted
This bill passed the House by voice vote (no roll call recorded).
Full legislative history
Actions timeline
Total actions
17
Key actions
4
Committee
4
Mar 12, 2025
Introduced
First Reading
upper
Mar 12, 2025
Lower · Passed
Engrossed, signed, to Senate
lower
Mar 11, 2025
Committee
Referred for engrossment
lower
Mar 11, 2025
Lower · Passed
Third Reading, Measure passed: Ayes: 58 Nays: 25
lower
Mar 5, 2025
Lower · Passed
CR; Do Pass, amended by committee substitute Appropriations and Budget Committee
lower
Feb 27, 2025
Lower · Passed
Recommendation to the full committee; Do Pass, amended by committee substitute Appropriations and Budget Finance Subcommittee
lower
Feb 4, 2025
Committee
Referred to Appropriations and Budget Finance Subcommittee
lower
Feb 3, 2025
Introduced
First Reading
lower
2 primary · 0 co-sponsors
Sponsors
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