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STATE OF OKLAHOMA
1st Session of the 60th Legislature (2025)
SENATE BILL 301 By: Hall
AS INTRODUCED
An Act relating to income tax; amending 68 O.S. 2021,
Section 2357.45, which relates to credit for
donations to certain research institutes ; modifying
credit limit for certain institute in certain tax
years; modifying credit limit for taxpayer in certain
tax years; modifying definition; updating statutory
references; updating statutory language; and
providing an effective date .
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 68 O.S. 2021, Section 2357.45, is
amended to read as follows:
Section 2357.45. A. 1. For tax years beginning after December
31, 2004, there shall be allo wed against the tax imposed by Section
2355 of this title, a credit for any taxpayer who makes a donation
to an independent biomedical research institute and for tax years
beginning after December 31, 2010, a credit for any taxpayer who
makes a donation to a cancer research institute.
2. The credit authorized by paragraph 1 of this subsection
shall be limited as follows:
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a. for calendar year 2007 and all subsequent years tax
years 2007 through 2025 , the credit percentage, not to
exceed fifty percent (50%), shall be adjusted annually
so that the total estimate of the credits does not
exceed Two Million Dollars ($2,000,000.00) annually.
The formula to be used for the percentage adjusted
shall be fifty percent (50%) times One Million Dollars
($1,000,000.00) divided by the credits claimed in the
preceding year for each donation to an in dependent
biomedical research institute and fifty percent (50%)
times One Million Dollars ($1,000,000.00) divided by
the credits claimed in the preceding year for each
donation to a cancer research institute,
b. for tax year 2026 and subsequent tax years, the credit
percentage, not to exceed fifty percent (50%), shall
be adjusted annually so that the total estimate of the
credits does not exceed One Million Five Hundred
Thousand Dollars ($1,500,000.00) annually for
donations to independent biomedical resear ch
institutes. The formula to be used for the percentage
adjustment shall be fifty percent (50%) times One
Million Five Hundred Thousand Dollars ($1,500,000.00)
divided by the credits claimed in the second preceding
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tax year for each donation to an independent
biomedical research institute,
c. for tax year 2026 and subsequent tax years, the credit
percentage, not to exceed fifty percent (50%), shall
be adjusted annually so that t he total estimate of the
credits does not exceed Five Hundred Thousand Dollars
($500,000.00) annually for donations to cancer
research institutes. The formula to be used for the
percentage adjusted shall be fifty percent (50%) times
Five Hundred Thousand Dollars ($500,000.00) divided by
the credits claimed in the second preceding year for
each donation to a cancer research institute,
d. (1) in no event shall a taxpayer claim more than one
credit for a donation to any independent
biomedical research institu te and one credit for
a donation to a cancer research institute in each
taxable year nor for tax years 2005 through 2025
shall the credit exceed One Thousand Dollars
($1,000.00) for each taxpayer for each type of
donation, and for tax year 2026 and subsequ ent
tax years, the credit for donating to a cancer
research institute shall not exceed One Thousand
Dollars ($1,000.00) for single filers and married
filing separate, or Two Thousand Dollars
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($2,000.00) for married filing joint, head of
household, or qualifying widow, or
(2) for tax year 2026 and subsequent tax years, the
credit for donations to any independent
biomedical research institute shall not exceed
One Thousand Dollars ($1,000.00) for single
filers and married filing separate ; Two Thousand
Dollars ($2,000.00) for married filing joint,
head of household, and qualifying widow ; and
Twenty-five Thousand Dollars ($25,000.00) for any
taxpayer that is a business entity formed under
the laws of any state, including limited and
general partnerships, corporat ions, and limited
liability companies,
c. for tax year 2011, no more than Fift y Thousand Dollars
($50,000.00) in total tax credits for donations to a
cancer research institute shall be allowed,
d. in no event shall more than fifty percent (50%) of the
Two Million Dollars ($2,000,000.00) in total tax
credits authorized by this section, for any calendar
year after the effective date of this act, be
allocated for credits for donations to a cancer
research institute, and
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e. for tax year 2026 and subsequent tax years, in the
event the total tax credits authorized by this section
exceed One Million Dollars ($1,000,000.00) in any
calendar year Five Hundred Thousand Dollars
($500,000.00) for either a cancer research institute
or One Million Five Hundred Thousand Dollars
($1,500,000.00) for an independent biomedical research
institute, the Oklahoma Tax Commission shall permit
any excess over One Million Dollars ($1,000,000.00)
the applicable limitation amount but shall factor such
excess into the percentage adjustment formula for
subsequent years for that the applicable type of
donation. However, any such adjustment to the formula
for donations to an independent biomedical research
institute shall not affect the formula for donations
to a cancer research institute, an d any such
adjustment to the formula for donations to a cancer
research institute shall not affect the formula for
donations to an independent biomedical research
institute.
3. For purposes of this section, “independent biomedical
research institute” means an organization in this state which is
exempt from taxation pursuant to the provisions of Section 501(c)(3)
of the Internal Revenue Code of 1986, as amended, 26 U.S.C., Section
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501(c)(3), whose primary focus is conducting peer -reviewed basic
biomedical research. The organization shall:
a. have a board of directors,
b. be able to accept grants in its own name,
c. be an identifiable institute that has its own
employees and administrative staff, and
d. receive at least Fifteen Million Dollars
($15,000,000.00) Twenty Million Dollars
($20,000,000.00) in National Institute Institutes of
Health funding each year.
4. For purposes of this section, “cancer research institute ”
means an organization which is exempt from taxation pursuant to the
Internal Revenue Code of 1986, as amended, and whose primary focus
is raising the standard of cancer clinical care in Oklahoma through
peer-reviewed cancer research and education or a not -for-profit
supporting organization, as that term is defined by the Internal
Revenue Code of 1986, as amended, affiliated with a tax -exempt
organization whose primary f ocus is raising the standard of cancer
clinical care in Oklahoma through peer -reviewed cancer research and
education. The tax-exempt organization whose primary focus is
raising the standard of cancer clinical care in Oklahoma through
peer-reviewed cancer research and education shall:
a. either be an independent research institute or a
program that is part of a state university which is a
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member of The Oklahoma State System of Hig her
Education, and
b. receive at least Four Million Dollars ($4,000,000.00)
in National Cancer Institute funding each year.
B. In no event shall the amount of the credit exceed the amount
of any tax liability of the taxpayer.
C. Any credits allowed but n ot used in any tax year may be
carried over, in order, to each of the four (4) years following the
year of qualification.
D. The Oklahoma Tax Commission shall have the authority to
prescribe forms for purposes of claiming the credit authorized by
this section.
SECTION 2. This act shall become effective November 1, 2025.
60-1-450 QD 12/30/2024 11:44:53 PM