Bill > HB2087

This bill modifies the income tax credit for donations to independent biomedical research institutes and cancer research institutes in Oklahoma, making several key changes. For tax years 2007 through 2025, the total tax credits will remain at $2 million annually, with the credit percentage adjusted to ensure the total does not exceed that amount. Starting in tax year 2026, the credit limits will change to $1.5 million for independent biomedical research institutes and $500,000 for cancer research institutes. The bill also updates the maximum credit amounts per taxpayer, increasing them for certain filing statuses and adding a new $25,000 limit for business entities donating to independent biomedical research institutes. The definition of an "independent biomedical research institute" is refined to specify it must be in Oklahoma and receive at least $20 million (increased from $15 million) in National Institutes of Health funding annually. Additionally, the bill maintains the existing provisions that credits can be carried forward for up to four years and cannot exceed a taxpayer's tax liability. The changes will take effect on November 1, 2025, providing a clear transition period for taxpayers and research institutes to understand and prepare for the new credit structure.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb2087&Session=2600