Okla. Stat. tit. 68, § 68-2357.45

institute - Tax credit.

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.

2. The credit authorized by paragraph 1 of this subsection

shall be limited as follows:

a. for 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

Oklahoma Statutes - Title 68. Revenue and Taxation Page 823

in the preceding year for each donation to a cancer

research institute,

b. for tax year 2026 and subsequent tax years, the 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

institutes. 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,

c. for tax year 2026 and subsequent tax years, the 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 second preceding year for

each donation to a cancer research institute,

d. (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, 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
hrough 2025

shall the credit exceed One Thousand Dollars

($1,000.00) for each taxpayer, 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; 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

Oklahoma Statutes - Title 68. Revenue and Taxation Page 824

general partnerships, corporations, and limited

liability companies, and

e. for tax year 2026 and subsequent tax years, in the

event the total tax credits authorized by this section

exceed Five Hundred Thousand Dollars ($500,000.00) for

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

the applicable limitation amount but shall factor such

excess into the percentage adjustment formula for

subsequent years for 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

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 of 1986, as amended, 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 Twenty Million Dollars

($20,000,000.00) in National 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 of 1986, as amended, 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 of 1986, as amended, affiliated with a tax-exempt

organization whose primary focus is raising the standard of cancer

clinical care in Oklahoma through 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

Oklahoma Statutes - Title 68. Revenue and Taxation Page 825

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.
ate 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 Oklahoma Tax Commission shall have the authority to

prescribe forms for purposes of claiming the credit authorized by

this section.