OK STABLE tax deduction enacted
OKLAHOMA CITY â Oklahomans who save and invest using OK STABLE, the state-sponsored ABLE Act program for people with disabilities, will be able to deduct contributions from their state taxes, State Treasurer Randy McDaniel announced.
The tax deduction is identical to the one offered for contributions to the Oklahoma 529 College Savings Plan and will be in effect starting with 2021 income tax filing.
The new law allows couples to deduct up to $20,000 in contributions per year from their state taxable income. Single taxpayers can deduct contributions of up to $10,000 per year.
Under OK STABLE, Oklahomans with disabilities can save and invest money without jeopardizing need-based benefit programs such as Medicaid and Supplemental Security Income. Funds in an account can be used for qualified expenses.
Oklahoma Gov. Kevin Stitt at his 2021 State of the State address.
From Day 1 of this year’s legislative session, the state’s executive branch has been hammering its dedication to usher in SoonerSelect.
Under that plan, instead of having Oklahoma’s Medicaid agency pay providers directly for their care, the state would shift about $2 billion in health spending to four private insurance companies, giving them a set amount for every client. Those companies would then coordinate care for nearly a million low-income Oklahomans, who are covered by SoonerCare, the state’s Medicaid program.
Here’s the idea: Insurance companies make more money when their clients are healthier and need less medical care. So they’re incentivized to improve health outcomes. They also have more flexibility in how they can spend on health, because state Medicaid agencies have stricter rules. Supporters often offer this example. A member with a heart condition has their air conditioner go out, and th
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