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STATE OF OKLAHOMA
1st Session of the 60th Legislature (2025)
HOUSE BILL 2755 By: Caldwell (Trey)
AS INTRODUCED
An Act relating to revenue and taxation; amending 68
O.S. 2021, Section 2357.45, which relates to tax
credits for biomedical and cancer research; modifying
applicability period for certain tax credit design;
creating additional tax credit design for certain
applicability period; modifying calculations,
amounts, and limitations of certain tax credit;
establishing calculations, amounts, and limitations
of certain tax credit; 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 allowed 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.
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2. The credit authorized by paragraph 1 of this subsection
shall be limited as follows:
a. (1) 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 independent 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, and
(2) for tax years 2026 and subsequent tax years:
(a) a 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 research
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institutes. The formula to be used for the
percentage adjusted shall be fifty percent
(50%) times One Million Five Hundred
Thousand Dollars ($1,500,000.00) divided by
the credits claimed in the preceding year
for each donation to an independent
biomedical research institute, and
(b) a credit percentage not to exceed fifty
percent (50%), shall be adjusted annually so
that the 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 preceding years
for each donation to a cancer research
institute,
b. (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
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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 donating to a cancer
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, or
qualifying widow, or
(2) for tax years 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, and
c. for tax year 2011, no more than Fifty Thousand Dollars
($50,000.00) in total tax credits for donations to a
cancer research institute shall be allowed,
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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
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, and any such
adjustment to the formula for donations to a cancer
research institute shall not affect the formula for
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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, 26 U.S.C., Section 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 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,
affiliated with a tax-exempt organization whose primary focus is
raising the standard of cancer clinical care in Oklahoma through
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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
member of The Oklahoma State System of Higher
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 not 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 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.
60-1-11006 JM 01/08/25