Committee passes bill giving income tax deduction to offset health care costs

OKLAHOMA CITY (AP) — Legislation that offers a tax break to offset the cost of health care has been approved by a state House committee. The measure by Rep. Jason Nelson would grant Oklahomans an income tax deduction equal to the amount paid by an individual for health insurance coverage. If approved, the credit would be available starting in 2010.

The measure passed out of the House Revenue and Taxation Subcommittee Thursday. The Oklahoma City Republican says the cost of insurance is so high that many people feel they cannot afford it. He says his bill will help offset that expense and hopefully reduce Oklahoma's estimated 600,000 uninsured residents. An estimated 1.18 million Oklahoma families and individuals would be able to deduct about $2.23 billion in health insurance premiums if the bill becomes law.

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