HB 2087 — Revenue and taxation; income tax credit; research institutes; effective date.

HOUSEENGROSSED OF REPRESENTATIVES - FLOOR VERSION STATE OF OKLAHOMA 1st Session of the 60th Legislature (2025) HOUSE BILL 2087NO. By:

Kane2087 ofBy: the House and Hall of the Senate 8 AS INTRODUCED An Act relating to revenue and taxation;

Kane and Hill of the House and Hall of the Senate 5 7 An Act relating to revenue and taxation;

modifying credit limit for donations to certain instituteinstitutes in certain tax years;

HB2087 HFLR Page 1 BOLD FACE denotes Committee Amendments.

a.ENGR.

H.

B.

NO.

2087 Page 1 a.

The formula to be used for the percentage adjustmentadjusted shall be fifty percent (50%) times One Million Five Hundred Thousand Dollars ($1,500,000.00) HB2087divided HFLRby Pagethe 2credits BOLDclaimed FACEin denotesthe Committeesecond Amendments.preceding ENGR.

dividedH. by the credits claimed in the second preceding tax year for each donation to an independent biomedical research institute, c.

B.

NO.

2087 Page 2 tax year for each donation to an independent biomedical research institute, 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, and for tax year 2026 and subsequent tax years, the credit for donatingdonations to a cancer research institute shall not exceed One Thousand Dollars ($1,000.00) for single filers and married HB2087filing HFLRseparate, Pageor 3Two BOLDThousand FACEDollars denotesENGR. Committee Amendments.

filingH. 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, 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, corporations, and limited liability companies, c.

B.

NO.

2087 Page 3 ($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, corporations, and limited liability companies, c.

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 HB2087ENGR. HFLR Page 4 BOLD FACE denotes Committee Amendments.

e.H.

B.

NO.

2087 Page 4 e.

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 HB2087ENGR. HFLR Page 5 BOLD FACE denotes Committee Amendments.

501(c)(3),H. whose primary focus is conducting peer-reviewed basic biomedical research.

B.

NO.

2087 Page 5 501(c)(3), whose primary focus is conducting peer-reviewed basic biomedical research.

either be an independent research institute or a program that is part of a state university which is a HB2087ENGR. HFLR Page 6 BOLD FACE denotes Committee Amendments.

memberH. of The Oklahoma State System of Higher Education, and b.

B.

NO.

2087 Page 6 member of The Oklahoma State System of Higher Education, and b.

COMMITTEEPassed REPORTthe BY:House of Representatives the 26th day of February, 2025.

COMMITTEEPresiding ONOfficer APPROPRIATIONSof ANDthe BUDGET,House datedof 02/13/2025Representatives -Passed DOthe PASS,Senate Asthe Coauthored._____ day of __________, 2025.

HB2087Presiding HFLROfficer Pageof 7the BOLDSenate FACEENGR. denotes Committee Amendments.

H.

B.