1 STATE OF OKLAHOMA
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2 2nd Session of the 59th Legislature (2024)
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3 HOUSE BILL 3197 By: Newton
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6 AS INTRODUCED
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7 An Act relating to revenue and taxation; enacting the
7 Vision Care and Research Tax Credit Act of 2024;
8 defining terms; providing income tax credit for
8 donation to vision institute; prohibiting use of tax
9 credit to reduce tax liability to less than zero;
9 authorizing carryover; providing for codification;
10 providing for noncodification; and providing an
10 effective date.
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14 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
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15 SECTION 1. NEW LAW A new section of law not to be
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16 codified in the Oklahoma Statutes reads as follows:
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17 This act shall be known and may be cited as the "Vision Care and
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18 Research Tax Credit Act of 2024".
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19 SECTION 2. NEW LAW A new section of law to be codified
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20 in the Oklahoma Statutes as Section 2357.45.1 of Title 68, unless
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21 there is created a duplication in numbering, reads as follows:
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22 A. As used in this section, "vision institute" means an
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23 organization which is exempt from taxation pursuant to the Internal
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24 Revenue Code of 1986, as amended, with a focus on raising the
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 1 standard of clinical vision care in Oklahoma through patient care at
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2 or above national standards and peer-reviewed vision research or a
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3 not-for-profit supporting organization, as that term is defined by
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4 the Internal Revenue Code, affiliated with a tax-exempt organization
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5 with a focus on raising the standard of vision care in Oklahoma
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6 through patient care at or above national standards and peer-
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7 reviewed vision research. The tax-exempt organization with a focus
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8 on raising the standard of vision care in Oklahoma through patient
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9 care at or above national standards and peer-reviewed vision
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10 research shall:
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11 1. Either be an independent vision institute or an organization
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12 that is affiliated with a state university which is a member of The
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13 Oklahoma State System of Higher Education;
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14 2. Have a board of directors;
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15 3. Be able to accept donations in its own name or the name of
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16 its supporting organization;
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17 4. Be an identifiable institute that has its own employees and
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18 administrative staff;
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19 5. Be involved in direct patient care; and
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20 6. Be involved in the conduct of research funded by the
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21 National Institutes of Health at a minimum level of Two Million
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22 Dollars ($2,000,000.00) each year.
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23 B. For taxable years beginning on or after January 1, 2025,
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24 there shall be allowed as a credit against the tax imposed pursuant
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 1 to Section 2355 of Title 68 of the Oklahoma Statutes equal to one
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2 hundred percent (100%) of the amount donated to a vision institute.
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3 C. The tax credit authorized by this section shall not be used
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4 to reduce the tax liability of the taxpayer to less than zero (0).
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5 D. To the extent not used, the tax credit authorized by this
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6 section may be carried over, in order, to each of the five (5)
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7 subsequent taxable years.
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8 SECTION 3. This act shall become effective January 1, 2025.
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10 59-2-9808 MAH 01/09/24
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