Senate Bill No. 301 amends Section 2357.45 of the Oklahoma Statutes regarding income tax credits for donations to independent biomedical and cancer research institutes. The bill modifies the credit limits for taxpayers making donations to these institutes for specific tax years. For tax years 2007 through 2025, the total estimated credits for donations to independent biomedical research institutes will not exceed $2 million annually, while for tax year 2026 and beyond, this limit will be reduced to $1.5 million. Additionally, the credit for donations to cancer research institutes will be capped at $500,000 annually starting in 2026. The bill also establishes new credit limits for individual taxpayers based on their filing status and introduces a new definition for independent biomedical research institutes, which must now receive at least $20 million in National Institutes of Health funding annually.

The bill further clarifies that taxpayers can only claim one credit for donations to each type of institute per taxable year, with specific dollar limits set for different filing statuses. It allows unused credits to be carried over for up to four years and grants the Oklahoma Tax Commission the authority to create necessary forms for claiming these credits. The effective date for these changes is set for November 1, 2025.