SB 301 — Income tax; modifying credit limit for certain institute in certain tax years. Effective date.

ENGROSSEDAn Act ENROLLED SENATE BILL NO.

Hall of the Senate and Kane and Lepak of the House 5 An Act relating to income tax;

BESUBJECT: IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:

Income tax credit BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:

for calendar year 2007 and all subsequent years tax years 2007 through 2025, the credit percentage, not to ENGR.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.

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NO.

301 Page 1 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 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 tax year for each donation to an independent biomedical research institute, ENGR.c.

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301 Page 2 c.

(1) in no event shall a taxpayer claim more than one credit for a donation to any independent biomedical research institute 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,ENR. and for tax year 2026 and subsequent 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 ($2,000.00) for married filing joint, head of household, or qualifying widow, or ENGR.

301 Page 32 donation, and for tax year 2026 and subsequent 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 ($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;

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 ENGR.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 ENR.

301 Page 43 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.

have a board of directors, ENGR.b.

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301 Page 5 b.

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either be an independent research institute or a program that is part of a state university which is a member of The Oklahoma State System of Higher Education, and ENGR.

301 Page 64 b.a.

either be an independent research institute or a program that is part of a state university which is a member of The Oklahoma State System of Higher Education, and b.

PassedENR. the Senate the 11th day of March, 2025.

Presiding Officer of the Senate Passed the House of Representatives the ____ day of __________, 2025.

Presiding Officer of the House of Representatives ENGR.

301 Page 75 Passed the Senate the 11th day of March, 2025.

Presiding Officer of the Senate Passed the House of Representatives the 30th day of April, 2025.

Presiding Officer of the House of Representatives OFFICE OF THE GOVERNOR Received by the Office of the Governor this ____________________ day of ___________________, 20_______, at _______ o'clock _______ M.

By:

_________________________________ Approved by the Governor of the State of Oklahoma this _________ day of ___________________, 20_______, at _______ o'clock _______ M.

_________________________________ Governor of the State of Oklahoma OFFICE OF THE SECRETARY OF STATE Received by the Office of the Secretary of State this __________ day of __________________, 20 _______, at _______ o'clock _______ M.

By:

_________________________________ ENR.

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