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

Floor (House) → Floor (Senate) · 5 edits

MODERATE

This bill amends Oklahoma's income tax credit for donations to biomedical and cancer research institutes. The Senate version significantly restructures the credit limits, formulas, and caps compared to the House version, introducing new annual funding caps, different calculation methods for future tax years, and updated taxpayer credit limits.

Scope change

The bill's scope remains focused on income tax credits for research institute donations, but the applicability has been modified with new tax year thresholds (2026) and different credit calculation formulas for different types of donations.

FISCAL

Changed annual credit caps from $2 million to $2 million for biomedical research institutes and $1.5 million for cancer research institutes, with different calculation formulas for tax years after 2025.

TIMELINE

Introduced new tax year 2026 and subsequent years provisions with updated credit percentage adjustment formulas and separate caps for different donation types.

ELIGIBILITY

Updated taxpayer credit limits from $1,000 to $1,000-$2,000 depending on filing status, and added a $25,000 business entity credit limit.

REQUIREMENT

Replaced the single $2 million total cap with separate caps for cancer research institutes ($1 million) and biomedical research institutes ($1.5 million) for tax years after 2025.

Added new provision allowing Oklahoma Tax Commission to permit excess credits over $1 million for cancer research institutes and $1.5 million for biomedical research institutes.

Enrolled (final version) → Floor (House) · 4 edits

MODERATE

The bill was reformatted from a Senate version to a House floor version, with minor formatting adjustments and the addition of page headers and committee amendment indicators. The substantive policy content regarding tax credit limits, eligibility, and definitions remains unchanged.

TECHNICAL

Changed bill header from 'ENROLLED SENATE' to 'HOUSE OF REPRESENTATIVES - FLOOR VERSION' and updated sponsor attribution to reflect House processing.

Added page headers and footers with bill tracking information (SB301 HFLR) and notes indicating bold face denotes committee amendments.

Reformatted line breaks and spacing throughout the document to match House floor version standards.

Removed duplicate legislative text sections that were present in the enrolled version but not needed in the floor version.

Engrossed → Enrolled (final version) · 3 edits · May 1, 2025

MINOR

The bill was finalized from Engrossed to Enrolled status, adding a co-sponsor (Lepak) and a subject line. The substantive policy content of the income tax credit for research institute donations remained unchanged, with no alterations to funding limits, eligibility criteria, or statutory definitions.

TECHNICAL

Added a 'SUBJECT: Income tax credit' line and 'ENROLLED SENATE' header, indicating final passage status.

Added co-sponsor Kane and Lepak of the House to the bill authorship line.

Added an 'An Act' title line at the beginning of the enrolled version.

Introduced → Engrossed · 5 edits · Mar 11, 2025

MODERATE

This bill modifies Oklahoma's income tax credit for donations to biomedical and cancer research institutes, updating credit limits, formulas for calculating percentage adjustments, and adding new provisions for handling excess credits in future tax years.

Scope change

The bill maintains the same general scope of providing tax credits for research institute donations but updates specific financial thresholds and calculation methods for different tax years.

FISCAL

Updated total credit limits for independent biomedical research institutes from $2,000,000 annually (2007-2025) to $1,500,000 for tax years 2026 and beyond.

Maintained cancer research institute credit limit at $500,000 annually for tax years 2026 and beyond.

REQUIREMENT

Added new provision (subsection e) requiring the Oklahoma Tax Commission to factor excess credits into percentage adjustment formulas for subsequent years, with separate formulas for each type of donation.

TECHNICAL

Changed the reference for calculating percentage adjustments from 'preceding year' to 'second preceding year' for tax years 2026 and beyond.

Reorganized and renumbered subsections of the statute, adding new subsection e and renumbering subsequent subsections.

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

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