Bill > HB2755

This bill modifies tax credit provisions for donations to biomedical and cancer research institutes in Oklahoma, making changes to the existing tax credit system. The bill adjusts the credit calculation and limits for tax years from 2007 through 2025, and then establishes a new framework for tax years 2026 and beyond. For 2007-2025, the total tax credits remain at $2 million annually, with a 50% credit percentage that can be claimed. Starting in 2026, the total credits will be reduced to $1.5 million for independent biomedical research institutes and $500,000 for cancer research institutes. The bill also modifies individual donation limits, increasing them for certain filing statuses and introducing a new $25,000 limit for business entities donating to independent biomedical research institutes. The qualifying criteria for research institutes remain mostly unchanged, with a slight increase in the required National Institutes of Health funding from $15 million to $20 million for biomedical research institutes. The bill maintains provisions allowing unused credits to be carried forward for up to four years and ensures that credits cannot exceed a taxpayer's tax liability. The changes are designed to provide continued tax incentives for donations to medical research while adjusting the total available credits and individual donation limits. The bill will become effective on November 1, 2025.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb2755&Session=2600