Insurance; taxable income and adjusted gross income; deduction for contributions to certain qualified accounts; tax exemption; deduction based on certain expenditures; effective date.

The bill title was updated to reflect its current status as a House Committee Substitute rather than a Proposed Policy Committee Substitute.

The page reference number in the footer was updated from 16261 to 16946.

New text was inserted regarding the allocation of income for resident trusts and estates, clarifying how undistributed versus distributed income is treated for tax purposes.

Corrected a citation error in the bill's description, changing the reference year from '2025' to '2024' to accurately reflect the latest amendment.

Updated the header and title to change the bill status from 'Engrossed' to 'Proposed Policy Committee Substitute 1' and updated the sponsor's name.

Removed the original committee amendment form and replaced it with the new text of the bill.

The title and primary purpose changed from enacting a new 'Insurance Act of 2026' to amending existing income tax statutes.

The bill now explicitly defines how taxable income is calculated by adding interest on state obligations and deducting amounts prohibited from being taxed by federal or state constitutions.

Detailed rules were added for allocating income from real property, intangible assets, and partnership interests based on physical location or domicile.

Specific provisions were included for calculating and carrying forward Oklahoma net operating losses, distinguishing them from federal net operating losses.

The effective date was changed from November 1, 2026, to apply to tax years beginning after December 31, 1981.