710:50-15-61 Medical savings account deduction

(a) General provisions. There shall be allowed a deduction to arrive at Oklahoma Taxable Income for contributions made to and interest earned on Medical Savings Accounts (MSA). (b) Eligibility. In order to be eligible for this deduction, contributions must be made to a MSA program approved by either the State Department of Health or by the Insurance Commissioner. (c) Procedure for claiming deduction. In order to claim the deduction, a statement of the contributions made and interest earned on the MSA must be provided by the administrator of the Plan, and enclosed as part of the income tax return filed for the applicable period. (d) Limitation. In no event shall contributions that are made and excluded from taxable income under Section 125 of the Internal Revenue Code be allowed to be deducted under this Section. (e) Eligibility of specific plans. Contributions made to and interest earned on a MSA program offered by the State and Education Employees Group Insurance Benefit Board may be eligible for the deduction.