Bill > SB301

This bill modifies the income tax credit for donations to independent biomedical research institutes and cancer research institutes in Oklahoma. The bill changes the credit limits and calculation methods for tax years from 2007 through 2025, and then establishes new provisions for tax year 2026 and beyond. For tax years 2007-2025, the total tax credits are capped at $2 million annually, with a credit percentage not exceeding 50%. Starting in tax year 2026, the credit will be split into two separate pools: $1.5 million for independent biomedical research institutes and $500,000 for cancer research institutes. The bill also adjusts the maximum credit amounts for individual taxpayers, introducing different limits based on filing status. For individual taxpayers, the credit will be capped at $1,000 for single and married filing separately, and $2,000 for married filing jointly, head of household, or qualifying widow. For business entities, the credit for independent biomedical research institutes can be up to $25,000. The bill updates the definitions of eligible research institutes, including requirements such as 501(c)(3) tax-exempt status, having a board of directors, and receiving specific levels of National Institutes of Health or National Cancer Institute funding. The bill will become effective on November 1, 2025.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb301&Session=2600