Oklahoma 2024 Regular Session

Oklahoma Senate Bill SB1498 Compare Versions

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3		-	ENGR. S. B. NO. 1498 Page 1 1
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28		-	~~ENGROSSED~~ SENATE
29		-	~~BILL NO.~~ ~~1498 By: Garvin of the Senate~~
	29	+	SENATE FLOOR VERSION
	30	+	February 19, 2024
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31		-	and
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33		-	Archer of the House
	33	+	SENATE BILL NO. 1498 By: Garvin
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38	39		An Act relating to income tax credit; amending 68
39	40		O.S. 2021, Section 2357.45, which relates to credit
40	41		for donations to certain research institutes;
41	42		modifying credit limit for cer tain institute in
42	43		certain tax years; updating statutory reference;
43	44		updating statutory language; and providing an
44	45		effective date.
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50	51		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
51	52		SECTION 1. AMENDATORY 68 O.S. 2021, Sectio n 2357.45, is
52	53		amended to read as follows:
53	54		Section 2357.45. A. 1. For tax years beginning after December
54	55		31, 2004, there shall be allowed against the tax imposed by Section
55	56		2355 of this title, a credit for any taxpayer who makes a donation
56	57		to an independent biomedical research institute and for tax years
57	58		beginning after December 31, 2010, a credit for any taxpayer who
58	59		makes a donation to a cancer research institute .
59	60		2. The credit authorized by paragraph 1 of this subsection
60	61		shall be limited as follows:
61	62		a. for calendar year 2007 and all subsequen t years tax
62	63		years 2007 through 2024, the credit percentage, not to
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89	91		exceed fifty percent (50%), shall be adjusted annually
90	92		so that the total estimate of the credits does not
91	93		exceed Two Million Dollars ($2,000,000.00 ) annually.
92	94		The formula to be used for the percentage adjusted
93	95		shall be fifty percent (50%) times One Million Dollars
94	96		($1,000,000.00) divided by the credits claimed in the
95	97		preceding year for each donation to an ind ependent
96	98		biomedical research institu te and fifty percent (50%)
97	99		times One Million Do llars ($1,000,000.00) divided by
98	100		the credits claimed in the preceding year for each
99	101		donation to a cancer research institute,
100	102		b. for tax year 2025 and subsequent tax years, the credit
101	103		percentage, not to exceed fifty percent (50%), shall
102	104		be adjusted annually so that the total estimate of the
103	105		credits does not exceed One Million Dollars
104	106		($1,000,000.00) annually for donations to indepen dent
105	107		biomedical research institut es. The formula to be
106	108		used for the percentage adjust ed shall be fifty
107	109		percent (50%) times One Million Dollars
108	110		($1,000,000.00) divided by the credits claimed in the
109	111		preceding year for each donation to an independent
110	112		biomedical research institute ,
111	113		c. for tax year 2025 and subsequent tax years, the credit
112	114		percentage, not to exceed fifty percent (50%), shall
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139	142		be adjusted annually so that the total estimate of the
140	143		credits does not exceed Five Hundred Thousand Dollars
141	144		($500,000.00) annually for donations to cancer
142	145		research institutes. The formula to be used for th e
143	146		percentage adjusted shall be fifty percent (50%) times
144	147		Five Hundred Thousand Dollars ( $500,000.00) divided by
145	148		the credits claimed in the preceding year for each
146	149		donation to a cancer research institute,
147	150		d. in no event shall a taxpayer claim more than one
148	151		credit for a donation to any independent biomedical
149	152		research institute and one credit for a donation to a
150	153		cancer research instit ute in each taxable year nor
151	154		shall the credit exceed One Thousand Dollars
152	155		($1,000.00) for each taxpayer for each type of
153	156		donation,
154	157		c. e. for tax year 2011, no more than Fifty Thousand
155	158		Dollars ($50,000.00) in total tax credits for
156	159		donations to a cancer research institute shall be
157	160		allowed,
158	161		d. f. in no event shall more than fifty per cent (50%)
159	162		of the Two Million Dollars ($2,000,000.00 ) in total
160	163		tax credits authorized by this section, for any
161	164		calendar year after the effective date of this act
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188	192		January 1, 2011, be allocated for credits for
189	193		donations to a cancer research institute, and
190	194		e. g. in the event the total tax credits authorized by
191	195		this section exceed One Million Dollars
192	196		($1,000,000.00) for tax years 2011 through 2024 , and
193	197		Five Hundred Thousand Dollars ( $500,000.00) for tax
194	198		year 2025 and subsequent tax years, in any calendar
195	199		year for either a cancer research institute or One
196	200		Million Dollars ($1,000,000.00) for an independent
197	201		biomedical research institute , the Oklahoma Tax
198	202		Commission shall permit any excess over One Million
199	203		Dollars ($1,000,000.00) but shall factor such excess
200	204		into the percentage adjustment f ormula for subsequent
201	205		years for that type of donation. However, any such
202	206		adjustment to the formula for donations to an
203	207		independent biomedical research institute sh all not
204	208		affect the formula for donations to a cancer research
205	209		institute, and any such adjustment to the formula for
206	210		donations to a cancer resea rch institute shall not
207	211		affect the formula for donations to an independent
208	212		biomedical research institute .
209	213		3. For purposes of this section, “independent biomedical
210	214		research institute” means an organization which is exempt from
211	215		taxation pursuant to the provisions of Section 501(c)(3) of the
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238	243		Internal Revenue Code, 26 U.S.C., Section 501(c)(3) whose primary
239	244		focus is conducting peer-reviewed basic biomedical research. The
240	245		organization shall:
241	246		a. have a board of directors,
242	247		b. be able to accept grants in its own name,
243	248		c. be an identifiable institute that has its own
244	249		employees and administrative staff, and
245	250		d. receive at least Fifteen Million Dollars
246	251		($15,000,000.00) in National Institute Institutes of
247	252		Health funding each year.
248	253		4. For purposes of this section, “cancer research institute ”
249	254		means an organization which is exempt from taxation pursuant to the
250	255		Internal Revenue Code and whose primary focus is raising the
251	256		standard of cancer clinical care in Oklahoma through pee r-reviewed
252	257		cancer research and education or a not -for-profit supporting
253	258		organization, as that term is defined by the Internal Revenue Code,
254	259		affiliated with a tax-exempt organization whose primary focus is
255	260		raising the standard of cancer clinical care in Oklahoma through
256	261		peer-reviewed cancer research and education. The tax -exempt
257	262		organization whose primary focus is raising the standard of cancer
258	263		clinical care in Oklahoma through peer -reviewed cancer research and
259	264		education shall:
260	265		a. either be an independent r esearch institute or a
261	266		program that is part of a state university which is a
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288	294		member of The Oklahoma State System of Higher
289	295		Education, and
290	296		b. receive at least Four Million Dollars ($4,000,000.00)
291	297		in National Cancer Institute funding each year.
292	298		B. In no event shall the amount of the credit exceed the amount
293	299		of any tax liability of the taxpayer.
294	300		C. Any credits allowed but not used in any tax year may be
295	301		carried over, in order, to each of the four (4) years following the
296	302		year of qualification.
297	303		D. The Tax Commission shall have the authority to prescribe
298	304		forms for purposes of claiming the credit authorized by this
299	305		section.
300	306		SECTION 2. This act shall become effective November 1, 2024.
301		-	Passed the Senate the 11th day of March, 2024.
302		-
303		-
304		-
305		-	Presiding Officer of the Senate
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308		-	Passed the House of Representatives the ____ day of __________,
309		-	2024.
310		-
311		-
312		-
313		-	Presiding Officer of the House
314		-	of Representatives
315		-
	307	+	COMMITTEE REPORT BY: COMMITTEE ON FINANCE
	308	+	February 19, 2024 - DO PASS