Bill No. 2087 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 donations made in specific tax years, establishing a credit percentage not to exceed fifty percent (50%) for donations to independent biomedical research institutes and cancer research institutes. For tax years 2007 through 2025, the total estimated credits for donations to these institutes will not exceed Two Million Dollars ($2,000,000.00) annually. Starting in tax year 2026, the credit limit will be reduced to One Million Five Hundred Thousand Dollars ($1,500,000.00) for independent biomedical research institutes and Five Hundred Thousand Dollars ($500,000.00) for cancer research institutes.

Additionally, the bill introduces new definitions and requirements for both types of research institutes, including a higher funding threshold for independent biomedical research institutes, which must receive at least Twenty Million Dollars ($20,000,000.00) in National Institutes of Health funding annually. The credit amounts for individual taxpayers will also be adjusted, allowing up to One Thousand Dollars ($1,000.00) for single filers and married filing separately, and up to Two Thousand Dollars ($2,000.00) for married filing jointly, head of household, or qualifying widow. The bill is set to take effect on November 1, 2025.