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STATE OF OKLAHOMA
2nd Session of the 59th Legislature (2024)
HOUSE BILL 3197 By: Newton
AS INTRODUCED
An Act relating to revenue and taxation; enacting the
Vision Care and Research Tax Credit Act of 2024;
defining terms; providing income t ax credit for
donation to vision institute ; prohibiting use of tax
credit to reduce tax liability to less than zero;
authorizing carryover; providing for codification;
providing for noncodification; and providing an
effective date.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. NEW LAW A new section of law not to be
codified in the Oklahoma Statutes reads as follows:
This act shall be known and may be cite d as the "Vision Care and
Research Tax Credit Act of 2024".
SECTION 2. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 2357.45.1 of Title 68, unless
there is created a duplication in numbering, reads as follows:
A. As used in this section, "vision institute" means an
organization which is exempt from taxation pursuant to the Internal
Revenue Code of 1986, as amended, with a focus on raising the
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standard of clinical vision care in Oklahoma through patient care at
or above national standards and pee r-reviewed vision research or a
not-for-profit supporting organization, as that term is defined by
the Internal Revenue Code, affiliated with a tax -exempt organization
with a focus on raising the standard of vision care in Oklahoma
through patient care at or above national standards and peer -
reviewed vision research. The tax-exempt organization with a focus
on raising the standard of vision care in Oklahoma through patient
care at or above national standards and peer -reviewed vision
research shall:
1. Either be an independent vision institute or an organization
that is affiliated with a state university which is a member of The
Oklahoma State System of Higher Education ;
2. Have a board of directors ;
3. Be able to accept donations in its own name or the n ame of
its supporting organization ;
4. Be an identifiable institute that has its own employees and
administrative staff ;
5. Be involved in direct patient care ; and
6. Be involved in the conduct of research funded by the
National Institutes of Health at a minimum level of Two Million
Dollars ($2,000,000.00) each year.
B. For taxable years beginning on or after January 1, 202 5,
there shall be allowed as a credit against the tax imposed pursuant
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to Section 2355 of Title 68 of the Oklahoma Statutes equal to one
hundred percent (100%) of the amount donated to a vision ins titute.
C. The tax credit authorized by this section shall not be used
to reduce the tax liability of the taxpayer to less than zero (0).
D. To the extent not used, the tax credit aut horized by this
section may be carried over, in o rder, to each of the five (5)
subsequent taxable years.
SECTION 3. This act shall become effective January 1, 2025.
59-2-9808 MAH 01/09/24