Okla. Committee OKs Small Business Employee Health Insurance Bill

Hoping to reduce the number of uninsured Oklahomans, a state House of Representatives committee voted to provide financial incentives to businesses that contribute to employee health insurance premiums.

House Bill 2463, by State Rep. Ann Coody, would provide an income tax exemption to small businesses equal to 15 percent of the amount they spend on employee health insurance coverage.

“We need to help Oklahomans pay for health insurance because it’s become so expensive that many families can’t afford it on their own even though they are working full-time jobs,” said Coody, R-Lawton. “House Bill 2463 will encourage more employers to offer insurance benefits and provide some peace of mind to their employees.”

The bill would apply to businesses with 50 or fewer employees and would offset an estimated $16.9 million in insurance costs each year.

About 351,000 Oklahomans work for businesses that would be affected by the bill. A recent study indicated that the average cost for single and family health insurance premiums is $5,213 per year.

House Bill 2463 passed out of the House Revenue and Taxation Committee on a bipartisan vote on Wednesday. The bill will next go before the entire Oklahoma House of Representatives.

Source: Oklahoma House of Representatives