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1 STATE OF OKLAHOMA
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2 1st Session of the 60th Legislature (2025)
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3 SENATE BILL 301 By: Hall
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6 AS INTRODUCED
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7 An Act relating to income tax; amending 68 O.S. 2021,
7 Section 2357.45, which relates to credit for
8 donations to certain research institutes; modifying
8 credit limit for certain institute in certain tax
9 years; modifying credit limit for taxpayer in certain
9 tax years; modifying definition; updating statutory
10 references; updating statutory language; and
10 providing an effective date.
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13 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
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14 SECTION 1. AMENDATORY 68 O.S. 2021, Section 2357.45, is
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15 amended to read as follows:
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16 Section 2357.45. A. 1. For tax years beginning after December
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17 31, 2004, there shall be allowed against the tax imposed by Section
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18 2355 of this title, a credit for any taxpayer who makes a donation
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19 to an independent biomedical research institute and for tax years
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20 beginning after December 31, 2010, a credit for any taxpayer who
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21 makes a donation to a cancer research institute.
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22 2. The credit authorized by paragraph 1 of this subsection
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23 shall be limited as follows:
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Req. No. 450 Page 1
1 a. for calendar year 2007 and all subsequent years tax
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2 years 2007 through 2025, the credit percentage, not to
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3 exceed fifty percent (50%), shall be adjusted annually
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4 so that the total estimate of the credits does not
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5 exceed Two Million Dollars ($2,000,000.00) annually.
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6 The formula to be used for the percentage adjusted
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7 shall be fifty percent (50%) times One Million Dollars
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8 ($1,000,000.00) divided by the credits claimed in the
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9 preceding year for each donation to an independent
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10 biomedical research institute and fifty percent (50%)
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11 times One Million Dollars ($1,000,000.00) divided by
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12 the credits claimed in the preceding year for each
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13 donation to a cancer research institute,
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14 b. for tax year 2026 and subsequent tax years, the credit
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15 percentage, not to exceed fifty percent (50%), shall
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16 be adjusted annually so that the total estimate of the
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17 credits does not exceed One Million Five Hundred
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18 Thousand Dollars ($1,500,000.00) annually for
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19 donations to independent biomedical research
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20 institutes. The formula to be used for the percentage
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21 adjustment shall be fifty percent (50%) times One
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22 Million Five Hundred Thousand Dollars ($1,500,000.00)
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23 divided by the credits claimed in the second preceding
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Req. No. 450 Page 2
1 tax year for each donation to an independent
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2 biomedical research institute,
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3 c. for tax year 2026 and subsequent tax years, the credit
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4 percentage, not to exceed fifty percent (50%), shall
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5 be adjusted annually so that the total estimate of the
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6 credits does not exceed Five Hundred Thousand Dollars
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7 ($500,000.00) annually for donations to cancer
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8 research institutes. The formula to be used for the
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9 percentage adjusted shall be fifty percent (50%) times
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10 Five Hundred Thousand Dollars ($500,000.00) divided by
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11 the credits claimed in the second preceding year for
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12 each donation to a cancer research institute,
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13 d. (1) in no event shall a taxpayer claim more than one
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14 credit for a donation to any independent
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15 biomedical research institute and one credit for
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16 a donation to a cancer research institute in each
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17 taxable year nor for tax years 2005 through 2025
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18 shall the credit exceed One Thousand Dollars
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19 ($1,000.00) for each taxpayer for each type of
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20 donation, and for tax year 2026 and subsequent
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21 tax years, the credit for donating to a cancer
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22 research institute shall not exceed One Thousand
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23 Dollars ($1,000.00) for single filers and married
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24 filing separate, or Two Thousand Dollars
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1 ($2,000.00) for married filing joint, head of
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2 household, or qualifying widow, or
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3 (2) for tax year 2026 and subsequent tax years, the
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4 credit for donations to any independent
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5 biomedical research institute shall not exceed
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6 One Thousand Dollars ($1,000.00) for single
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7 filers and married filing separate; Two Thousand
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8 Dollars ($2,000.00) for married filing joint,
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9 head of household, and qualifying widow; and
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10 Twenty-five Thousand Dollars ($25,000.00) for any
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11 taxpayer that is a business entity formed under
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12 the laws of any state, including limited and
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13 general partnerships, corporations, and limited
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14 liability companies,
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15 c. for tax year 2011, no more than Fifty Thousand Dollars
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16 ($50,000.00) in total tax credits for donations to a
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17 cancer research institute shall be allowed,
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18 d. in no event shall more than fifty percent (50%) of the
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19 Two Million Dollars ($2,000,000.00) in total tax
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20 credits authorized by this section, for any calendar
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21 year after the effective date of this act, be
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22 allocated for credits for donations to a cancer
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23 research institute, and
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1 e. for tax year 2026 and subsequent tax years, in the
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2 event the total tax credits authorized by this section
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3 exceed One Million Dollars ($1,000,000.00) in any
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4 calendar year Five Hundred Thousand Dollars
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5 ($500,000.00) for either a cancer research institute
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6 or One Million Five Hundred Thousand Dollars
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7 ($1,500,000.00) for an independent biomedical research
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8 institute, the Oklahoma Tax Commission shall permit
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9 any excess over One Million Dollars ($1,000,000.00)
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10 the applicable limitation amount but shall factor such
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11 excess into the percentage adjustment formula for
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12 subsequent years for that the applicable type of
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13 donation. However, any such adjustment to the formula
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14 for donations to an independent biomedical research
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15 institute shall not affect the formula for donations
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16 to a cancer research institute, and any such
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17 adjustment to the formula for donations to a cancer
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18 research institute shall not affect the formula for
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19 donations to an independent biomedical research
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20 institute.
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21 3. For purposes of this section, "independent biomedical
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22 research institute" means an organization in this state which is
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23 exempt from taxation pursuant to the provisions of Section 501(c)(3)
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24 of the Internal Revenue Code of 1986, as amended, 26 U.S.C., Section
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1 501(c)(3), whose primary focus is conducting peer-reviewed basic
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2 biomedical research. The organization shall:
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3 a. have a board of directors,
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4 b. be able to accept grants in its own name,
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5 c. be an identifiable institute that has its own
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6 employees and administrative staff, and
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7 d. receive at least Fifteen Million Dollars
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8 ($15,000,000.00) Twenty Million Dollars
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9 ($20,000,000.00) in National Institute Institutes of
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10 Health funding each year.
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11 4. For purposes of this section, "cancer research institute"
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12 means an organization which is exempt from taxation pursuant to the
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13 Internal Revenue Code of 1986, as amended, and whose primary focus
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14 is raising the standard of cancer clinical care in Oklahoma through
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15 peer-reviewed cancer research and education or a not-for-profit
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16 supporting organization, as that term is defined by the Internal
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17 Revenue Code of 1986, as amended, affiliated with a tax-exempt
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18 organization whose primary focus is raising the standard of cancer
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19 clinical care in Oklahoma through peer-reviewed cancer research and
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20 education. The tax-exempt organization whose primary focus is
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21 raising the standard of cancer clinical care in Oklahoma through
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22 peer-reviewed cancer research and education shall:
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23 a. either be an independent research institute or a
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24 program that is part of a state university which is a
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1 member of The Oklahoma State System of Higher
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2 Education, and
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3 b. receive at least Four Million Dollars ($4,000,000.00)
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4 in National Cancer Institute funding each year.
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5 B. In no event shall the amount of the credit exceed the amount
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6 of any tax liability of the taxpayer.
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7 C. Any credits allowed but not used in any tax year may be
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8 carried over, in order, to each of the four (4) years following the
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9 year of qualification.
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10 D. The Oklahoma Tax Commission shall have the authority to
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11 prescribe forms for purposes of claiming the credit authorized by
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12 this section.
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13 SECTION 2. This act shall become effective November 1, 2025.
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15 60-1-450 QD 12/30/2024 11:44:53 PM
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Req. No. 450 Page 7Every fact on this page links to its source, starting with the official bill record.