Oklahoma 2025 Regular Session

Oklahoma Senate Bill SB301 Compare Versions

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Version 2 (New)

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2		-	~~SB301 HFLR Page 1~~
3		-	~~BOLD FACE denotes Committee Amendments.~~ 1
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	3	+	ENGR. S. B. NO. 301 Page 1 1
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28		-	HOUSE OF REPRESENTATIVES - FLOOR VERSION
29		-
30		-	STATE OF OKLAHOMA
31		-
32		-	1st Session of the 60th Legislature (2025)
33	27
34	28		ENGROSSED SENATE
35	29		BILL NO. 301 By: Hall of the Senate
36	30
37	31		and
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39	33		Kane of the House
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44	38		An Act relating to income tax; amending 68 O.S. 2021,
45	39		Section 2357.45, which relates to credit for
46	40		donations to certain research institutes; modifying
47	41		credit limit for certain institute in certain tax
48	42		years; modifying credit limit for taxpayer in certain
49	43		tax years; modifying definition; updating statutory
50	44		references; updating statutory language; and
51	45		providing an effective date .
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56	50		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
57	51		SECTION 1. AMENDATORY 68 O.S. 2021, Section 2357.45, is
58	52		amended to read as follows:
59	53		Section 2357.45. A. 1. For tax years beginning after December
60	54		31, 2004, there shall be allowed against the tax imposed by Section
61	55		2355 of this title, a credit for any taxpayer who makes a donation
62	56		to an independent biomedical research institute and for tax years
63	57		beginning after December 31, 2010, a credit for any taxpayer who
64	58		makes a donation to a cancer research institute.
65		-	SB301 HFLR Page 2
66		-	BOLD FACE denotes Committee Amendments. 1
	59	+	2. The credit authorized by paragraph 1 of this subsection
	60	+	shall be limited as follows:
	61	+	a. for calendar year 2007 and all subsequent years tax
	62	+	years 2007 through 2025 , the credit percentage, not to
	63	+
	64	+	ENGR. S. B. NO. 301 Page 2 1
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91		-	2. The credit authorized by paragraph 1 of this subsection
92		-	shall be limited as follows:
93		-	a. for calendar year 2007 and all subsequent years tax
94		-	years 2007 through 2025, the credit percentage, not to
95	89		exceed fifty percent (50%), shall be adjusted annually
96	90		so that the total estimate of the credits does not
97	91		exceed Two Million Dollars ($2,000,000.00) annually.
98	92		The formula to be used for the percentage adjusted
99	93		shall be fifty percent (50%) times One Million Dollars
100	94		($1,000,000.00) divided by the credits claimed in the
101	95		preceding year for each donation to an independent
102	96		biomedical research institute and fifty percent (50%)
103	97		times One Million Dollars ($1,000,000.00) divided by
104	98		the credits claimed in the preceding year for each
105	99		donation to a cancer research institute,
106	100		b. for tax year 2026 and subsequent tax years, the credit
107	101		percentage, not to exceed fifty percent (50%), shall
108	102		be adjusted annually so that the total estimate of the
109	103		credits does not exceed One Million Five Hundred
110	104		Thousand Dollars ($1,500,000.00) annually for
111	105		donations to independent biomedical research
112	106		institutes. The formula to be used for the percentage
113	107		adjustment shall be fifty percent (50%) times One
114	108		Million Five Hundred Thousand Dollars ($1,500,000.00)
115		-	SB301 HFLR Page 3
116		-	BOLD FACE denotes Committee Amendments. 1
	109	+	divided by the credits claimed in the second preceding
	110	+	tax year for each donation to an independent
	111	+	biomedical research institute,
	112	+
	113	+	ENGR. S. B. NO. 301 Page 3 1
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141		-	divided by the credits claimed in the second preceding
142		-	tax year for each donation to an independent
143		-	biomedical research institute,
144	138		c. for tax year 2026 and subsequent tax years, the credit
145	139		percentage, not to exceed fifty percent (50%), shall
146	140		be adjusted annually so that the total estimate of the
147	141		credits does not exceed Five Hundred Thousand Dollars
148	142		($500,000.00) annually for donations to cancer
149	143		research institutes. The formula to be used for the
150	144		percentage adjusted shall be fifty percent (50%) times
151	145		Five Hundred Thousand Dollars ($500,000.00) divided by
152	146		the credits claimed in the second preceding year for
153	147		each donation to a cancer research institute,
154	148		d. (1) in no event shall a taxpayer claim more than one
155	149		credit for a donation to any independent
156	150		biomedical research institute and one credit for
157	151		a donation to a cancer research institute in each
158	152		taxable year nor for tax years 2005 through 2025
159	153		shall the credit exceed One Thousand Dollars
160	154		($1,000.00) for each taxpayer for each type of
161	155		donation, and for tax year 2026 and subsequent
162	156		tax years, the credit for donating to a cancer
163	157		research institute shall not exceed One Thousand
164	158		Dollars ($1,000.00) for single filers and married
165		-	SB301 HFLR Page 4
166		-	BOLD FACE denotes Committee Amendments. 1
	159	+	filing separate, or Two Thousand Dollars
	160	+	($2,000.00) for married filing joint, head of
	161	+	household, or qualifying widow, or
	162	+
	163	+	ENGR. S. B. NO. 301 Page 4 1
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191		-	filing separate, or Two Thousand Dollars
192		-	($2,000.00) for married filing joint, head of
193		-	household, or qualifying widow, or
194	188		(2) for tax year 2026 and subsequent tax years, the
195	189		credit for donations to any independent
196	190		biomedical research institute shall not exceed
197	191		One Thousand Dollars ($1,000.00) for single
198	192		filers and married filing separate ; Two Thousand
199	193		Dollars ($2,000.00) for married filing joint,
200	194		head of household, and qualifying widow ; and
201	195		Twenty-five Thousand Dollars ($25,000.00) for any
202	196		taxpayer that is a business entity formed under
203	197		the laws of any state, including limited and
204	198		general partnerships, c orporations, and limited
205	199		liability companies,
206	200		c. for tax year 2011, no more than Fifty Thousand Dollars
207	201		($50,000.00) in total tax credits for donations to a
208	202		cancer research institute shall be allowed,
209	203		d. in no event shall more than fifty percent (50%) of the
210	204		Two Million Dollars ($2,000,000.00) in tota l tax
211	205		credits authorized by this section, for any calendar
212	206		year after the effective date of this act, be
213	207		allocated for credits for donations to a cancer
214	208		research institute, and
215		-	SB301 HFLR Page 5
216		-	BOLD FACE denotes Committee Amendments. 1
	209	+	e. for tax year 2026 and subseque nt tax years, in the
	210	+	event the total tax credi ts authorized by this section
	211	+	exceed One Million Dollars ($1,000,000.00) in any
	212	+
	213	+	ENGR. S. B. NO. 301 Page 5 1
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241		-	e. for tax year 2026 and subsequent tax years, in the
242		-	event the total tax credits authorized by this section
243		-	exceed One Million Dollars ($1,000,000.00) in any
244	238		calendar year Five Hundred Thousand Dollars
245	239		($500,000.00) for either a cancer research institute
246	240		or One Million Five Hundred Thousand Dollars
247	241		($1,500,000.00) for an independent biomedical research
248	242		institute, the Oklahoma Tax Commission shall permit
249	243		any excess over One Million Dollars ($1,000,000.00)
250	244		the applicable limitation amount but shall factor such
251	245		excess into the percentage adj ustment formula for
252	246		subsequent years for that the applicable type of
253	247		donation. However, any such adjustment to the formula
254	248		for donations to an independent biomedical research
255	249		institute shall not affect the formula for donations
256	250		to a cancer research institute, and any such
257	251		adjustment to the formula fo r donations to a cancer
258	252		research institute shall not affect the formula for
259	253		donations to an independent biomedical research
260	254		institute.
261	255		3. For purposes of this section, “independent biomedical
262	256		research institute” means an organization in this state which is
263	257		exempt from taxation pursuant to the provisions of Section 501(c)(3)
264	258		of the Internal Revenue Code of 1986, as amended, 26 U.S.C., Section
265		-	SB301 HFLR Page 6
266		-	BOLD FACE denotes Committee Amendments. 1
	259	+	501(c)(3), whose primary focus is conducting peer -reviewed basic
	260	+	biomedical research. The organization shall:
	261	+	a. have a board of directors,
	262	+
	263	+	ENGR. S. B. NO. 301 Page 6 1
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291		-	501(c)(3), whose primary focus is conducting peer -reviewed basic
292		-	biomedical research. The organization shall:
293		-	a. have a board of directors,
294	288		b. be able to accept grants in its own name,
295	289		c. be an identifiable institute that has its own
296	290		employees and administrative staff, and
297	291		d. receive at least Fifteen Million Dollars
298	292		($15,000,000.00) Twenty Million Dollars
299	293		($20,000,000.00) in National Institute Institutes of
300	294		Health funding each year.
301	295		4. For purposes of this section, “cancer research institute ”
302	296		means an organization which is exempt from taxation pursuant to the
303	297		Internal Revenue Code of 1986, as amended, and whose primary focus
304	298		is raising the standard of cancer clinical care in Oklahoma through
305	299		peer-reviewed cancer research and education or a not -for-profit
306	300		supporting organization, as that term is defined by the Internal
307	301		Revenue Code of 1986, as amended, affiliated with a tax-exempt
308	302		organization whose primary focus is raising the standard of cancer
309	303		clinical care in Oklahoma through peer -reviewed cancer research and
310	304		education. The tax-exempt organization whose primary focus is
311	305		raising the standard of cancer clinical care in Oklahoma through
312	306		peer-reviewed cancer research and education shall:
313	307		a. either be an independent research institute or a
314	308		program that is part of a state university which is a
315		-	SB301 HFLR Page 7
316		-	BOLD FACE denotes Committee Amendments. 1
	309	+	member of The Oklahoma State System of Higher
	310	+	Education, and
	311	+
	312	+	ENGR. S. B. NO. 301 Page 7 1
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341		-	member of The Oklahoma State System of Higher
342		-	Education, and
343	337		b. receive at least Four Million Dollars ($4,000,000.00)
344	338		in National Cancer Institute funding each year.
345	339		B. In no event shall the amount of the credit exceed the amount
346	340		of any tax liability of the taxpayer.
347	341		C. Any credits allowed but not used in any tax year may be
348	342		carried over, in order, to each of the four (4) years following the
349	343		year of qualification.
350	344		D. The Oklahoma Tax Commission shall have the authority to
351	345		prescribe forms for purposes of claiming the credit authorized by
352	346		this section.
353	347		SECTION 2. This act shall become effective November 1, 2025.
	348	+	Passed the Senate the 11th day of March, 2025.
354	349
355		-	COMMITTEE REPORT BY: COMMITTEE ON APPROPRIATIONS AND BUDGET , dated
356		-	04/16/2025 – DO PASS.
	350	+
	351	+
	352	+	Presiding Officer of the Senate
	353	+
	354	+
	355	+	Passed the House of Representatives the ____ day of __________,
	356	+	2025.
	357	+
	358	+
	359	+
	360	+	Presiding Officer of the House
	361	+	of Representatives
	362	+