Bill Would Give Tax Credits to Oklahomans Who Pay Obamacare Fine - KTUL.com - Tulsa, Oklahoma - News, Weather & Sports

Bill Would Give Tax Credits to Oklahomans Who Pay Obamacare Fines

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Rep. Jon Echols Rep. Jon Echols
Oklahoma City -

An Oklahoma lawmaker is proposing giving tax credits to counteract fines from the Affordable Care Act.

Rep. Jon Echols (R-Oklahoma City) introduced HB3364 which gives a credit on Oklahomans’ state income tax returns for 100 percent of the fines they paid on their federal taxes as part of the Affordable Care Act.

Beginning this year the Affordable Care Act, or Obamacare, imposes a fine on people who do not purchase health insurance.

Echols’ bill would give a credit to Oklahomans on their state return in 2014 for the cost of the fines.

State officials estimate the bill could cost the state up to $24 million.

The House Appropriations Subcommittee on Revenue and Taxation voted 7-3 Monday to approve the bill.

Read the Full Text and Track the Bill’s Progress

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