Oklahoma 2024 Regular Session

Oklahoma Senate Bill SB1497 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1	1
2	2
3		-	ENGR. H. A. to ENGR. S. B . NO. 1497 Page 1 1
	3	+	SB1497 HFLR Page 1
	4	+	BOLD FACE denotes Committee Amendments. 1
4	5		2
5	6		3
6	7		4
7	8		5
8	9		6
9	10		7
10	11		8
11	12		9
12	13		10
13	14		11
14	15		12
15	16		13
16	17		14
17	18		15
18	19		16
19	20		17
20	21		18
21	22		19
22	23		20
23	24		21
24	25		22
25	26		23
26	27		24
27	28
28		-	ENGROSSED HOUSE AMENDME NT
29		-	TO
30		-	ENGROSSED SENATE BILL NO . 1497 By: Garvin of the Senate
	29	+	HOUSE OF REPRESENTATIVES - FLOOR VERSION
	30	+
	31	+	STATE OF OKLAHOMA
	32	+
	33	+	2nd Session of the 59th Legislature (2024)
	34	+
	35	+	COMMITTEE SUBSTITUTE
	36	+	FOR ENGROSSED
	37	+	SENATE BILL NO. 1497 By: Garvin of the Senate
31	38
32	39		and
33	40
34		-	Archer and of the House
	41	+	Archer and Lepak of the
	42	+	House
35	43
36	44
37	45
38	46
39	47
40	48
41		-	An Act relating to income tax credit; amending 68
42		-	O.S. 2021, Section 2357.45, which relates to credit
43		-	for donations to cert ain research institutes;
44		-	modifying credit limit for certain institute in
45		-	certain tax years; modifying credit limit for
46		-	taxpayer in certain tax years; modifying definition;
47		-	updating statutory reference; updating statutory
48		-	language; and providing an effectiv e date.
	49	+	COMMITTEE SUBSTITUTE
49	50
50		-
51		-
52		-
53		-
54		-
55		-
56		-	AUTHOR: Add the following House Coauthor s: Lepak, Munson, and
57		-	Pittman
58		-
59		-
60		-	AMENDMENT NO. 1. Strike the title, enacting clause, and entire bill
61		-	and insert:
62		-
63		-
64		-
65		-
66		-	"An Act relating to revenue and taxation; amending 68
	51	+	An Act relating to revenue and taxation; amending 68
67	52		O.S. 2021, Section 2357.45, which relates to income
68	53		tax credits for donations to certain research
69	54		institutes; modifying credit limit for certain
70	55		institute in certain tax years; modifying credit
71	56		amounts; modifying definition; and providing an
72	57		effective date.
73	58
74	59
75	60
76		-	ENGR. H. A. to ENGR. S. B . NO. 1497 Page 2 1
	61	+
	62	+
	63	+	BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
	64	+	SECTION 1. AMENDATORY 68 O.S. 2021, Section 2357.45, is
	65	+	amended to read as follows:
	66	+	Section 2357.45 A. 1. For tax years beginning after Decem ber
	67	+	31, 2004, there shall be allowed against the tax imposed by Section
	68	+	2355 of this title, a credit for any taxpayer who makes a donation
	69	+	to an independent biomedical rese arch institute and for tax years
	70	+
	71	+	SB1497 HFLR Page 2
	72	+	BOLD FACE denotes Committee Amendments. 1
77	73		2
78	74		3
79	75		4
80	76		5
81	77		6
82	78		7
83	79		8
84	80		9
85	81		10
86	82		11
87	83		12
88	84		13
89	85		14
90	86		15
91	87		16
92	88		17
93	89		18
94	90		19
95	91		20
96	92		21
97	93		22
98	94		23
99	95		24
100	96
101		-	BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
102		-	SECTION 1. AMENDATORY 68 O.S. 2021, Section 2357.45, is
103		-	amended to read as follows:
104		-	Section 2357.45 A. 1. For tax years beginning after Decem ber
105		-	31, 2004, there shall be allowed against the tax imposed by Section
106		-	2355 of this title, a credit for any taxpayer who makes a donation
107		-	to an independent biomedical rese arch institute and for tax years
108	97		beginning after Decembe r 31, 2010, a credit for any taxpayer who
109	98		makes a donation to a cancer research institute .
110	99		2. The credit authorized by paragraph 1 of this subsection
111	100		shall be limited as follows:
112	101		a. for calendar year 2007 and all subsequent years tax
113	102		years 2007 through 20 24, the credit percentage, n ot to
114	103		exceed fifty percent (50%), shall be adjusted annually
115	104		so that the total estimate of the credits does not
116	105		exceed Two Million Dollars ($2,000,000.00) annually.
117	106		The formula to be used for the percentage adjusted
118	107		shall be fifty percent (50%) times One Million Dollars
119	108		($1,000,000.00) divided by the credits claime d in the
120	109		preceding year for each donation to an independent
121	110		biomedical research institute and fifty percent (50 %)
122	111		times One Million Dollars ($1,000,000.00) divided by
123	112		the credits claimed in the p receding year for each
124	113		donation to a cancer research institut e,
	114	+	b. for tax year 2025 and subsequent tax years, the credit
	115	+	percentage, not to exceed fifty percent (50%), sha ll
	116	+	be adjusted annually so that the total estimate of th e
	117	+	credits does not exceed One Million Five Hundred
	118	+	Thousand Dollars ($1,500,000.00) annually for
	119	+	donations to independent biomedical research
	120	+	institutes. The formula to be used for the percentage
125	121
126		-	ENGR. H. A. to ENGR. S. B . NO. 1497 Page 3 1
	122	+	SB1497 HFLR Page 3
	123	+	BOLD FACE denotes Committee Amendments. 1
127	124		2
128	125		3
129	126		4
130	127		5
131	128		6
132	129		7
133	130		8
134	131		9
135	132		10
136	133		11
137	134		12
138	135		13
139	136		14
140	137		15
141	138		16
142	139		17
143	140		18
144	141		19
145	142		20
146	143		21
147	144		22
148	145		23
149	146		24
150	147
151		-	b. for tax year 2025 and subsequent tax years, the credit
152		-	percentage, not to exceed fifty percent (50%), sha ll
153		-	be adjusted annually so that the total estimate of th e
154		-	credits does not exceed One Million Five Hundred
155		-	Thousand Dollars ($1,500,000.00) annually for
156		-	donations to independent biomedical research
157		-	institutes. The formula to be used for the percentage
158	148		adjusted shall be fifty percent (50%) times One
159	149		Million Five Hundred Thousand Dollars ( $1,500,000.00)
160	150		divided by the credits claimed in the precedin g year
161	151		for each donation to an independent biomedical
162	152		research institute,
163	153		c. for tax year 2025 and subsequent t ax years, the credit
164	154		percentage, not to exceed fifty per cent (50%), shall
165	155		be adjusted annually so that the total estimate of the
166	156		credits does not exceed Five Hundred Thousand Dollars
167	157		($500,000.00) annually for donations to cancer
168	158		research institutes. The formula to be used for the
169	159		percentage adjusted shall be fifty percent (50%) times
170	160		Five Hundred Thousand Dollars ($500,000.00) divided by
171	161		the credits claimed in t he preceding year for each
172	162		donation to a cancer research institute,
173	163		d. (1) in no event shall a taxpayer claim more than one
174	164		credit for a donation to an y independent
	165	+	biomedical research institute and one credit for
	166	+	a donation to a cancer research institute in e ach
	167	+	taxable year nor for tax years 2005 through 2024,
	168	+	shall the credit exceed One Thousand Dollars
	169	+	($1,000.00) for each taxpayer for each type of
	170	+	donation and for tax year 2025 and subsequent tax
	171	+	years, the credit for donating to a cancer
175	172
176		-	ENGR. H. A. to ENGR. S. B . NO. 1497 Page 4 1
	173	+	SB1497 HFLR Page 4
	174	+	BOLD FACE denotes Committee Amendments. 1
177	175		2
178	176		3
179	177		4
180	178		5
181	179		6
182	180		7
183	181		8
184	182		9
185	183		10
186	184		11
187	185		12
188	186		13
189	187		14
190	188		15
191	189		16
192	190		17
193	191		18
194	192		19
195	193		20
196	194		21
197	195		22
198	196		23
199	197		24
200	198
201		-	biomedical research institute and one credit for
202		-	a donation to a cancer research institute in each
203		-	taxable year nor for tax years 2005 through 2024
204		-	shall the credit exceed One Thousand Dollars
205		-	($1,000.00) for each taxpayer for each type of
206		-	donation and for tax year 2025 and subsequent tax
207		-	years, the credit for donating to a cance r
208	199		research institute shall not exceed One Thousand
209	200		Dollars ($1,000.00) for single filers and married
210	201		filing separate, Two Thousand Dollars ($2,000.00)
211	202		for married filing joint, head of household , or
212	203		qualifying widow, or
213	204		(2) for tax year 2025 and subsequent tax years, the
214	205		credit for donations to any independent
215		-	biomedical research institute shall not exceed
	206	+	biomedical research institute , shall not exceed
216	207		One Thousand Dollars ($1,000.00) for single
217	208		filers and married filing separate, Two Thousa nd
218	209		Dollars ($2,000.00) for married filing joint,
219	210		head of household, and qualifying widow, and
220	211		Twenty-five Thousand Dollars ($25,000.00) for any
221	212		taxpayer that is a business entity formed under
222	213		the laws of any state, including lim ited and
223	214		general partnerships, corporations, and limited
224	215		liability companies,
	216	+	c. for tax year 2011, no more than Fifty Thousand Dollars
	217	+	($50,000.00) in total tax credits for donations to a
	218	+	cancer research institute shall be allowed,
	219	+	d. in no event shall mo re than fifty percent (50%) of the
	220	+	Two Million Dollars ($2,000,000.00) in total tax
	221	+	credits authorized by this section, for any calendar
	222	+	year after the effective date of this act , be
225	223
226		-	ENGR. H. A. to ENGR. S. B . NO. 1497 Page 5 1
	224	+	SB1497 HFLR Page 5
	225	+	BOLD FACE denotes Committee Amendments. 1
227	226		2
228	227		3
229	228		4
230	229		5
231	230		6
232	231		7
233	232		8
234	233		9
235	234		10
236	235		11
237	236		12
238	237		13
239	238		14
240	239		15
241	240		16
242	241		17
243	242		18
244	243		19
245	244		20
246	245		21
247	246		22
248	247		23
249	248		24
250	249
251		-	c. for tax year 2011, no more than Fifty Thousand Dollars
252		-	($50,000.00) in total tax credits for donations to a
253		-	cancer research institute shall be allowed,
254		-	d. in no event shall mo re than fifty percent (50%) of the
255		-	Two Million Dollars ($2,000,000.00) in total tax
256		-	credits authorized by this section, for any calendar
257		-	year after the effective date of this act , be
258	250		allocated for credits for donations to a cancer
259	251		research institute, and
260	252		e. for tax year 2025 and subs equent tax years, in the
261	253		event the total tax cred its authorized by this section
262		-	exceed One Million Dollars ($1,000,000.00) in any
263		-	calendar year Five Hundred Thousand Dollars
264		-	($500,000.00) for either a cancer research institute
265		-	or One Million Five Hundred Thousand Dollars
266		-	($1,500,000.00) for an independent biome dical research
267		-	institute, the Oklahoma Tax Commission shall permi t
268		-	any excess over One Million Dollars ($1,000,000.00)
269		-	the applicable limitation amount but shall factor such
270		-	excess into the percentage adjustm ent formula for
271		-	subsequent years for that the applicable type of
272		-	donation. However, any such ad justment to the formula
273		-	for donations to an independent biomedical research
274		-	institute shall not affe ct the formula for donations
	254	+	exceed One Million Five Hundred Thousand Dollars
	255	+	($1,000,000.00) in any calendar year ($500,000.00) for
	256	+	either a cancer research institute or One Million Five
	257	+	Hundred Thousand Dollars ($1,500,000.00) for an
	258	+	independent biomedical research institute, the
	259	+	Oklahoma Tax Commission shall permi t any excess over
	260	+	One Million Dollars ($1,000,000.00) the applicable
	261	+	limitation amount but shall factor such excess into
	262	+	the percentage adjustm ent formula for subsequent years
	263	+	for that the applicable type of donation. However,
	264	+	any such adjustment to the formula for donations to an
	265	+	independent biomedical research institute shall not
	266	+	affect the formula for donations to a cancer research
	267	+	institute, and any such adjustment to the formula for
	268	+	donations to a cancer research institute shall not
	269	+	affect the formula for donations to an independent
	270	+	biomedical research institute.
	271	+	3. For purposes of this section, “independent biomedical
	272	+	research institute” means an organization in this state which is
	273	+	exempt from taxation pursuant to the provisions of S ection 501(c)(3)
275	274
276		-	ENGR. H. A. to ENGR. S. B . NO. 1497 Page 6 1
	275	+	SB1497 HFLR Page 6
	276	+	BOLD FACE denotes Committee Amendments. 1
277	277		2
278	278		3
279	279		4
280	280		5
281	281		6
282	282		7
283	283		8
284	284		9
285	285		10
286	286		11
287	287		12
288	288		13
289	289		14
290	290		15
291	291		16
292	292		17
293	293		18
294	294		19
295	295		20
296	296		21
297	297		22
298	298		23
299	299		24
300	300
301		-	to a cancer research institute, and any such
302		-	adjustment to the formula for donat ions to a cancer
303		-	research institute shall not a ffect the formula for
304		-	donations to an independent biomedical rese arch
305		-	institute.
306		-	3. For purposes of this section, “independent biomedical
307		-	research institute” means an organization in this state which is
308		-	exempt from taxation pursuant to the provisions of S ection 501(c)(3)
309	301		of the Internal Revenue Code, 26 U.S.C., Section 501(c)(3) whose
310	302		primary focus is conducting peer-reviewed basic biomedical research.
311	303		The organization shall:
312	304		a. have a board of directors,
313	305		b. be able to accept grants in its own name,
314	306		c. be an identifiable institute that has its own
315	307		employees and adminis trative staff, and
316	308		d. receive at least Fifteen Million Dollars
317	309		($15,000,000.00) Twenty Million Dollars
318	310		($20,000,000.00) in National Institute Institutes of
319	311		Health funding each year.
320	312		4. For purposes of this section, “cancer research institute ”
321	313		means an organization w hich is exempt from taxa tion pursuant to the
322	314		Internal Revenue Code and whose primary focus is raising the
323	315		standard of cancer clinical care in Oklahoma through peer-reviewed
324	316		cancer research and education or a not -for-profit supporting
	317	+	organization, as that term is defined by the I nternal Revenue Code,
	318	+	affiliated with a tax-exempt organization whose primary focus is
	319	+	raising the standard o f cancer clinical care in Oklahoma through
	320	+	peer-reviewed cancer research and education. The tax -exempt
	321	+	organization whose primary focus is raising the standard of cancer
	322	+	clinical care in Oklahoma through pe er-reviewed cancer research and
	323	+	education shall:
325	324
326		-	ENGR. H. A. to ENGR. S. B . NO. 1497 Page 7 1
	325	+	SB1497 HFLR Page 7
	326	+	BOLD FACE denotes Committee Amendments. 1
327	327		2
328	328		3
329	329		4
330	330		5
331	331		6
332	332		7
333	333		8
334	334		9
335	335		10
336	336		11
337	337		12
338	338		13
339	339		14
340	340		15
341	341		16
342	342		17
343	343		18
344	344		19
345	345		20
346	346		21
347	347		22
348	348		23
349	349		24
350	350
351		-	organization, as that term is defined by the I nternal Revenue Code,
352		-	affiliated with a tax-exempt organization whose primary focus is
353		-	raising the standard o f cancer clinical care in Oklahoma through
354		-	peer-reviewed cancer research and education. The tax -exempt
355		-	organization whose primary focus is raising the standard of cancer
356		-	clinical care in Oklahoma through pe er-reviewed cancer research and
357		-	education shall:
358	351		a. either be an independent research institute or a
359	352		program that is part of a state university which is a
360	353		member of The Oklahoma State System of Hi gher
361	354		Education, and
362	355		b. receive at least Four Million Dollars ($4,000,000.00)
363	356		in National Cancer Institute fun ding each year.
364	357		B. In no event shall the amoun t of the credit exceed the amount
365	358		of any tax liability of the taxpayer.
366	359		C. Any credits allowed but not used in any tax year may be
367	360		carried over, in order, to e ach of the four (4) years following the
368	361		year of qualification.
369	362		D. The Tax Commission shall have the authority to prescribe
370	363		forms for purposes of claiming the cr edit authorized by this
371	364		section.
372		-	SECTION 2. This act shall become effective No vember 1, 2024."
	365	+	SECTION 2. This act shall become effective No vember 1, 2024.
373	366
374		-	ENGR. H. A. to ENGR. S. B . NO. 1497 Page 8 1
375		-	2
376		-	3
377		-	4
378		-	5
379		-	6
380		-	7
381		-	8
382		-	9
383		-	10
384		-	11
385		-	12
386		-	13
387		-	14
388		-	15
389		-	16
390		-	17
391		-	18
392		-	19
393		-	20
394		-	21
395		-	22
396		-	23
397		-	24
398		-
399		-	Passed the House of Representatives t he 17th day of April, 2024.
400		-
401		-
402		-
403		-
404		-
405		-	Presiding Officer of the House of
406		-	Representatives
407		-
408		-
409		-	Passed the Senate the ____ day of _______ ___, 2024.
410		-
411		-
412		-
413		-
414		-
415		-	Presiding Officer of the Senate
416		-
417		-
418		-	ENGR. S. B. NO. 1497 Page 1 1
419		-	2
420		-	3
421		-	4
422		-	5
423		-	6
424		-	7
425		-	8
426		-	9
427		-	10
428		-	11
429		-	12
430		-	13
431		-	14
432		-	15
433		-	16
434		-	17
435		-	18
436		-	19
437		-	20
438		-	21
439		-	22
440		-	23
441		-	24
442		-
443		-	ENGROSSED SENATE
444		-	BILL NO. 1497 By: Garvin of the Senate
445		-
446		-	and
447		-
448		-	Archer of the House
449		-
450		-
451		-
452		-
453		-	An Act relating to income tax credit; amending 68
454		-	O.S. 2021, Section 2357.45, which relates to credit
455		-	for donations to certain research institutes;
456		-	modifying credit limit for certain institute in
457		-	certain tax years; modifying credit limit for
458		-	taxpayer in certain tax years; modifying definition;
459		-	updating statutory reference; updating statutory
460		-	language; and providing an effective date.
461		-
462		-
463		-
464		-
465		-	BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
466		-	SECTION 3. AMENDATORY 68 O.S. 2021, Section 2357.45, is
467		-	amended to read as follows:
468		-	Section 2357.45. A. 1. For tax years beginning after December
469		-	31, 2004, there shall be allowed against the tax imposed by Section
470		-	2355 of this title, a credit for any taxpayer who makes a donation
471		-	to an independent biomedical research institute and for tax years
472		-	beginning after December 31, 2010, a credit for any taxpayer who
473		-	makes a donation to a cancer research institute .
474		-	2. The credit authorized by paragraph 1 of this subsection
475		-	shall be limited as follows:
476		-	a. for calendar year 2007 and all subsequent years tax
477		-	years 2007 through 2024 , the credit percentage, not to
478		-
479		-	ENGR. S. B. NO. 1497 Page 2 1
480		-	2
481		-	3
482		-	4
483		-	5
484		-	6
485		-	7
486		-	8
487		-	9
488		-	10
489		-	11
490		-	12
491		-	13
492		-	14
493		-	15
494		-	16
495		-	17
496		-	18
497		-	19
498		-	20
499		-	21
500		-	22
501		-	23
502		-	24
503		-
504		-	exceed fifty percent (50%), shall be adjusted annually
505		-	so that the total estimate of the credits does not
506		-	exceed Two Million Dollars ( $2,000,000.00) annually.
507		-	The formula to be used for the percentage adjusted
508		-	shall be fifty percent (50%) times One Million Dollars
509		-	($1,000,000.00) divided by the credits claime d in the
510		-	preceding year for each donation to an independent
511		-	biomedical research institute and fifty percent (50%)
512		-	times One Million Dollars ($1,000,000.00) divided by
513		-	the credits claimed in the preceding year for each
514		-	donation to a cancer research institut e,
515		-	b. for tax year 2025 and subsequent tax years, the credit
516		-	percentage, not to exceed fifty percent (50%), shall
517		-	be adjusted annually so that the total estimate of the
518		-	credits does not exceed One Million Five Hundred
519		-	Thousand Dollars ($1,500,000.00) annually for
520		-	donations to independent biomedical research
521		-	institutes. The formula t o be used for the percentage
522		-	adjusted shall be fifty percent (50%) times One
523		-	Million Five Hundred Thousand Dollars ($1,500,000.00)
524		-	divided by the credits claimed in the precedin g year
525		-	for each donation to an independent biomedical
526		-	research institute,
527		-
528		-	ENGR. S. B. NO. 1497 Page 3 1
529		-	2
530		-	3
531		-	4
532		-	5
533		-	6
534		-	7
535		-	8
536		-	9
537		-	10
538		-	11
539		-	12
540		-	13
541		-	14
542		-	15
543		-	16
544		-	17
545		-	18
546		-	19
547		-	20
548		-	21
549		-	22
550		-	23
551		-	24
552		-
553		-	c. for tax year 2025 and subsequent tax years, the credit
554		-	percentage, not to exceed fifty percent (50%), shall
555		-	be adjusted annually so that the tot al estimate of the
556		-	credits does not exceed One Million Dollars
557		-	($1,000,000.00) annually for donations to cancer
558		-	research institutes. The formula to be used for the
559		-	percentage adjusted shall be fifty percent (50%) times
560		-	One Million Dollars ($1,000,000.00) divided by the
561		-	credits claimed in t he preceding year for each
562		-	donation to a cancer research institute,
563		-	d. in no event shall a taxpayer claim more than one
564		-	credit for a donation to any independent biomedical
565		-	research institute and one credit for a donation to a
566		-	cancer research institute in e ach taxable year nor
567		-	shall the credit exceed One Thousand Dollars
568		-	($1,000.00) for each taxpayer for tax years 2005
569		-	through 2024, and One Thousand Dollars ($1,000.00) for
570		-	single filers and married filing separate, Two
571		-	Thousand Dollars ($2,000.00) for marrie d filing joint,
572		-	head of household, qualifying widow, and for any
573		-	taxpayer that is a business entity formed under the
574		-	laws of any state, including limited and general
575		-	partnerships, corporations, and limited liability
576		-	companies, for tax year 2025 and subsequ ent tax years,
577		-
578		-	ENGR. S. B. NO. 1497 Page 4 1
579		-	2
580		-	3
581		-	4
582		-	5
583		-	6
584		-	7
585		-	8
586		-	9
587		-	10
588		-	11
589		-	12
590		-	13
591		-	14
592		-	15
593		-	16
594		-	17
595		-	18
596		-	19
597		-	20
598		-	21
599		-	22
600		-	23
601		-	24
602		-
603		-	for each type of the donation to a cancer research
604		-	institute. For tax year 2025 and subsequent tax
605		-	years, the credit shall not exceed One Thousand
606		-	Dollars ($1,000.00) for single filers and married
607		-	filing separate, Two Thousand Dollars ($2,0 00.00) for
608		-	married filing joint, head of household, and
609		-	qualifying widow, and Twenty-five Thousand Dollars
610		-	($25,000.00) for any taxpayer that is a business
611		-	entity formed under the laws of any state, including
612		-	limited and general partnerships, corporations, and
613		-	limited liability companies for donations to any
614		-	independent biomedical re search institute,
615		-	c. e. for tax year 2011, no more than Fifty Thousand
616		-	Dollars ($50,000.00) in total tax credits for
617		-	donations to a cancer research institute shall be
618		-	allowed,
619		-	d. f. in no event shall more than fifty percent (50%) of
620		-	the Two Million Dollars ($2,000,000.00) in total tax
621		-	credits authorized by this section, for any calendar
622		-	year after the effective date of this act January 1,
623		-	2011, be allocated for credits for donati ons to a
624		-	cancer research institute, and
625		-	e. g. in the event the total tax credit s authorized by this
626		-	section exceed One Million Dollars ($1,000,000.00) in
627		-
628		-	ENGR. S. B. NO. 1497 Page 5 1
629		-	2
630		-	3
631		-	4
632		-	5
633		-	6
634		-	7
635		-	8
636		-	9
637		-	10
638		-	11
639		-	12
640		-	13
641		-	14
642		-	15
643		-	16
644		-	17
645		-	18
646		-	19
647		-	20
648		-	21
649		-	22
650		-	23
651		-	24
652		-
653		-	any calendar year for either a cancer research
654		-	institute or One Million Dollars ($1,000,000.00) for
655		-	tax years 2011 through 2024, and One Million Five
656		-	Hundred Thousand Dollars ($1,50 0,000.00) for tax year
657		-	2025 and subsequent tax years for an independent
658		-	biomedical research institute, the Oklahoma Tax
659		-	Commission shall permi t any excess over One Million
660		-	Dollars ($1,000,000.00) but shall factor such excess
661		-	into the percentage adjustment formula for subsequent
662		-	years for that type of donation. However, any such
663		-	adjustment to the formula for donations to an
664		-	independent biomedical research institute shall not
665		-	affect the formula for donations to a cancer research
666		-	institute, and any such adjus tment to the formula for
667		-	donations to a cancer research institute shall not
668		-	affect the formula for donations to an independent
669		-	biomedical research institute.
670		-	3. For purposes of this section, “independent biomedical
671		-	research institute” means an organizatio n in this state which is
672		-	exempt from taxation pursuant to the provisions of Section 501(c)(3)
673		-	of the Internal Revenue Code, 26 U.S.C., Section 501(c)(3) whose
674		-	primary focus is conducting peer-reviewed basic biomedical research.
675		-	The organization shall:
676		-	a. have a board of directors,
677		-
678		-	ENGR. S. B. NO. 1497 Page 6 1
679		-	2
680		-	3
681		-	4
682		-	5
683		-	6
684		-	7
685		-	8
686		-	9
687		-	10
688		-	11
689		-	12
690		-	13
691		-	14
692		-	15
693		-	16
694		-	17
695		-	18
696		-	19
697		-	20
698		-	21
699		-	22
700		-	23
701		-	24
702		-
703		-	b. be able to accept grants in its own name,
704		-	c. be an identifiable institute that has its own
705		-	employees and adminis trative staff, and
706		-	d. receive at least Fifteen Million Dollars
707		-	($15,000,000.00) Twenty Million Dollars
708		-	($20,000,000.00) in National Institute Institutes of
709		-	Health funding each year.
710		-	4. For purposes of this section, “cancer research institute ”
711		-	means an organization which is exempt from taxa tion pursuant to the
712		-	Internal Revenue Code and whose primary focus is raising t he
713		-	standard of cancer clinical care in Oklahoma through peer -reviewed
714		-	cancer research and education or a not -for-profit supporting
715		-	organization, as that term is defined by the I nternal Revenue Code,
716		-	affiliated with a tax -exempt organization whose primary f ocus is
717		-	raising the standard of cancer clinical care in Oklahoma through
718		-	peer-reviewed cancer research and education. The tax -exempt
719		-	organization whose primary focus is raising the standard of cancer
720		-	clinical care in Oklahoma through peer -reviewed cancer research and
721		-	education shall:
722		-	a. either be an independent research institute or a
723		-	program that is part of a state university which is a
724		-	member of The Oklahoma State System of Hi gher
725		-	Education, and
726		-
727		-	ENGR. S. B. NO. 1497 Page 7 1
728		-	2
729		-	3
730		-	4
731		-	5
732		-	6
733		-	7
734		-	8
735		-	9
736		-	10
737		-	11
738		-	12
739		-	13
740		-	14
741		-	15
742		-	16
743		-	17
744		-	18
745		-	19
746		-	20
747		-	21
748		-	22
749		-	23
750		-	24
751		-
752		-	b. receive at least Four Million Dollars ($4,000,000.00)
753		-	in National Cancer Institute funding each year.
754		-	B. In no event shall the amount of the credit exceed the amount
755		-	of any tax liability of the taxpayer.
756		-	C. Any credits allowed but not used in any tax year may be
757		-	carried over, in order, to each of the four (4) years following the
758		-	year of qualification.
759		-	D. The Tax Commission shall have the authority to prescribe
760		-	forms for purposes of claiming the cr edit authorized by this
761		-	section.
762		-	SECTION 4. This act shall become effective November 1, 2024.
763		-	Passed the Senate the 1 4th day of March, 2024.
764		-
765		-
766		-
767		-	Presiding Officer of the Senate
768		-
769		-
770		-	Passed the House of Representatives the ____ day of __________,
771		-	2024.
772		-
773		-
774		-
775		-	Presiding Officer of the House
776		-	of Representatives
777		-
778		-
	367	+	COMMITTEE REPORT BY: COMMITTEE ON APPROPRIATIONS AND BUDGET, dated
	368	+	04/11/2024 - DO PASS, As Amended and Coauthored.