Bill No. 301 amends Section 2357.45 of the Oklahoma income tax code, which provides tax credits for donations to independent biomedical research institutes and cancer research institutes. The bill modifies the credit limits for these donations, establishing a new structure for tax years 2026 and beyond. For independent biomedical research institutes, the total credit limit will be reduced to $1.5 million annually, while for cancer research institutes, it will be set at $500,000 annually. The credit percentage remains capped at 50%, and the calculation for the credit will be adjusted based on the credits claimed in the preceding years. Additionally, the maximum credit amount per taxpayer will be maintained at $1,000 for single filers and married filing separately, and $2,000 for married filing jointly, head of household, or qualifying widow, with a higher limit of $25,000 for business entities.

The bill also updates the definition of independent biomedical research institutes and cancer research institutes, increasing the funding requirement for the former from $15 million to $20 million annually from the National Institutes of Health. It clarifies that the Oklahoma Tax Commission will have the authority to prescribe forms for claiming these credits. The act is set to take effect on November 1, 2025.