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Oklahoma House Bill HB2087

Oklahoma 2025 Regular Session

Oklahoma House Bill HB2087 Compare Versions

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28-ENGROSSED HOUSE
29-BILL NO. 2087 By: Kane and Hill of the House
29+HOUSE OF REPRESENTATIVES - FLOOR VERSION
30+
31+STATE OF OKLAHOMA
32+
33+1st Session of the 60th Legislature (2025)
34+
35+HOUSE BILL 2087 By: Kane of the House
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3137 and
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3339 Hall of the Senate
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45+AS INTRODUCED
3946
4047 An Act relating to revenue and taxation; amending 68
4148 O.S. 2021, Section 2357.45, which relates to income
4249 tax credits for donations to certain research
43-institutes; modifying credit limit for donations to
44-certain institutes in certain tax years; modifying
45-credit amounts; modifying definition; and providing
46-an effective date.
50+institutes; modifying credit limit for certain
51+institute in certain tax years; modifying credit
52+amounts; modifying definition; and providing an
53+effective date.
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5259 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
5360 SECTION 1. AMENDATORY 68 O.S. 2021, Section 2357.45, is
5461 amended to read as follows:
5562 Section 2357.45. A. 1. For tax years beginning after December
5663 31, 2004, there shall be allo wed against the tax imposed by Section
5764 2355 of this title, a credit for any taxpayer who makes a donation
5865 to an independent biomedical research institute and for tax years
5966 beginning after December 31, 2010, a credit for any taxpayer who
6067 makes a donation to a cancer research institute.
61-2. The credit authorized by paragraph 1 of this sub section
62-shall be limited as follows:
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95+2. The credit authorized by paragraph 1 of this subsection
96+shall be limited as follows:
8997 a. for calendar year 2007 and all subsequent years tax
9098 years 2007 through 202 5, the credit percentage, not to
9199 exceed fifty percent (50%), shall be adjusted annually
92100 so that the total estimate of the credits does not
93101 exceed Two Million Dollars ($2,000,000.00) annually.
94102 The formula to be used for the percentage adjusted
95103 shall be fifty percent (50%) times One Million Dollars
96104 ($1,000,000.00) divided by the credits claimed in the
97105 preceding year for each donation to an independent
98106 biomedical research institute and fifty percent (50%)
99107 times One Million Dollars ($1,00 0,000.00) divided by
100108 the credits claimed in the preceding year for each
101109 donation to a cancer research institute,
102110 b. for tax year 2026 and subsequent tax years, the credit
103111 percentage, not to exceed fifty percent (50%), shall
104112 be adjusted annually so that the total estimate of the
105113 credits does not exceed One Million Five Hundred
106114 Thousand Dollars ($1,500,000.00) annually for
107115 donations to independent biomedical research
108116 institutes. The formula to be used for the percentage
109-adjusted shall be fifty percent (50%) times One
117+adjustment shall be fifty percent (50% ) times One
110118 Million Five Hundred Thousand Dollars ($1,500,000.00)
111-divided by the credits claimed in the second preceding
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146+divided by the credits claimed in the second preceding
138147 tax year for each donation to an independent
139148 biomedical research institute,
140149 c. for tax year 2026 and subsequent tax years, the credit
141150 percentage, not to exceed fifty percent (50%), shall
142151 be adjusted annually so that t he total estimate of the
143152 credits does not exceed Five Hundred Thousand Dollars
144153 ($500,000.00) annually for donations to cancer
145154 research institutes. The formula to be used for the
146155 percentage adjusted shall be fifty percent (50%) times
147156 Five Hundred Thousand Dollars ($500,000.00) divided by
148157 the credits claimed in the second preceding year for
149158 each donation to a cancer research institute,
150159 d. (1) in no event shall a taxpayer claim more than one
151160 credit for a donation to any independent
152161 biomedical research institu te and one credit for
153162 a donation to a cancer research institute in each
154163 taxable year nor for tax years 2005 through 202 5
155164 shall the credit exceed One Thousand Dollars
156165 ($1,000.00) for each taxpayer for each type of
157166 donation, and for tax year 202 6 and subsequent
158-tax years, the credit for donati ons to a cancer
167+tax years, the credit for donating to a cancer
159168 research institute shall not exceed One Thousand
160169 Dollars ($1,000.00) for single filers and married
161-filing separate, or Two Thousand Dollars
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197+filing separate, or Two Thousand Dollars
188198 ($2,000.00) for married filing joint, head of
189199 household, or qualifying widow, or
190200 (2) for tax year 2026 and subsequent tax years, the
191201 credit for donations to any independent
192202 biomedical research institute shall not exceed
193203 One Thousand Dollars ($1,000.00) for single
194204 filers and married filing separate, Two Thousand
195205 Dollars ($2,000.00) for married filing joint,
196206 head of household, and qualifying widow, and
197207 Twenty-five Thousand Dollars ($25,000.00) for any
198208 taxpayer that is a business entity formed under
199209 the laws of any state, including limited and
200210 general partnerships, corporat ions, and limited
201211 liability companies,
202212 c. for tax year 2011, no more than Fifty Thousand Dollars
203213 ($50,000.00) in total tax credits for donations to a
204214 cancer research institut e shall be allowed,
205215 d. in no event shall more than fifty percent (50%) of the
206216 Two Million Dollars ($2,000,000.00) in total tax
207217 credits authorized by this section, for any calendar
208218 year after the effective date of this act, be
209219 allocated for credits for donations to a cancer
210220 research institute, and
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237248 e. for tax year 2026 and subsequent tax years, in the
238249 event the total tax credits authorized by this section
239250 exceed One Million Dollars ($1,000,000.00) in any
240251 calendar year Five Hundred Thousand Dollars
241252 ($500,000.00) for either a cancer research institute
242253 or One Million Five Hundred Thousand Dol lars
243254 ($1,500,000.00) for an independent biomedical research
244255 institute, the Oklahoma Tax Commission shall permit
245256 any excess over One Million Dollars ($1,000,000.00)
246257 the applicable limitation amount but shall factor such
247258 excess into the percentage adjustment formula for
248259 subsequent years for that the applicable type of
249260 donation. However, any such adjustment to the formula
250261 for donations to an independent biomedical research
251262 institute shall not affect the formula for donations
252263 to a cancer research institute, an d any such
253264 adjustment to the formula for donations to a cancer
254265 research institute shall not affect the formula for
255266 donations to an independent biomedical research
256267 institute.
257268 3. For purposes of this section, "independent biomedical
258269 research institute" means an organization in this state which is
259270 exempt from taxation pursuant to the provisions of Section 501(c)(3)
260271 of the Internal Revenue Code of 1986, as amended, 26 U.S.C., Section
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287299 501(c)(3), whose primary focus is conducting peer -reviewed basic
288300 biomedical research. The organization shall:
289301 a. have a board of directors,
290302 b. be able to accept grants in its own name,
291303 c. be an identifiable institute that has its own
292304 employees and administrative staff, and
293305 d. receive at least Fifteen Million Dollars
294306 ($15,000,000.00) Twenty Million Dollars
295307 ($20,000,000.00) in National Institute Institutes of
296308 Health funding each year.
297309 4. For purposes of this section, "cancer research institute "
298310 means an organization which is exempt from taxation pursuant to the
299311 Internal Revenue Code of 1986, as amended, and whose primary focus
300312 is raising the standard of cancer clinical care in Oklahoma through
301313 peer-reviewed cancer research and education or a not -for-profit
302314 supporting organization, as that term is defined by the Internal
303315 Revenue Code of 1986, as amended, affiliated with a tax -exempt
304316 organization whose primary focus is raising the standard of cancer
305317 clinical care in Oklahoma through peer -reviewed cancer research and
306318 education. The tax-exempt organization whose primary focus is
307319 raising the standard of cancer clinical care in Oklahoma through
308320 peer-reviewed cancer research and education shall:
309321 a. either be an independent research institute or a
310322 program that is part of a state university which is a
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337350 member of The Oklahoma State System of Hig her
338351 Education, and
339352 b. receive at least Four Million Dollars ($4,000,000.00)
340353 in National Cancer Institute funding each year.
341354 B. In no event shall the amount of the credit exc eed the amount
342355 of any tax liability of the taxpayer.
343356 C. Any credits allowed but n ot used in any tax year may be
344357 carried over, in order, to each of the four (4) years following the
345358 year of qualification.
346359 D. The Oklahoma Tax Commission shall have the authority to
347360 prescribe forms for purposes of claiming the credit authorized by
348361 this section.
349362 SECTION 2. This act shall become effective November 1, 2025.
350-Passed the House of Representatives the 26th day of February,
351-2025.
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356- Presiding Officer of the House
357- of Representatives
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360-Passed the Senate the _____ day of __________, 2025.
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365- Presiding Officer of the Senate
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364+COMMITTEE REPORT BY: COMMITTEE ON APPROPRIATIONS AND BUDGET, dated
365+02/13/2025 - DO PASS, As Coauthored.