Revenue and taxation; tax credits; biomedical and cancer research; effective date.

HB 2755 modifies Oklahoma's tax credit system for donations to biomedical and cancer research institutes. It sets annual spending limits: $1.5 million for biomedical research donations and $500,000 for cancer research donations starting in 2026 (down from a combined $2 million limit before). The bill defines qualifying organizations by requiring significant federal research funding ($20 million annually for biomedical institutes, $4 million for cancer institutes) and caps individual credits based on filing status (e.g., up to $25,000 for business donors). Taxpayers can carry unused credits forward for up to four years, and the credit cannot exceed their annual tax liability. The changes take effect November 1, 2025.