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 are capped at Two Million Dollars ($2,000,000.00) annually. Starting in tax year 2026, the cap for donations to independent biomedical research institutes will be reduced to One Million Five Hundred Thousand Dollars ($1,500,000.00) and for cancer research institutes to Five Hundred Thousand Dollars ($500,000.00). The bill also introduces new definitions and adjusts the credit amounts for different taxpayer categories.

Additionally, the bill specifies that for tax year 2026 and beyond, the credit for donations to a cancer research institute will not exceed One Thousand Dollars ($1,000.00) for single filers and married filing separately, or Two Thousand Dollars ($2,000.00) for married filing jointly, head of household, or qualifying widow. For donations to independent biomedical research institutes, the credit will also be capped at One Thousand Dollars ($1,000.00) for single filers and married filing separately, Two Thousand Dollars ($2,000.00) for married filing jointly, head of household, and qualifying widow, and up to Twenty-Five Thousand Dollars ($25,000.00) for business entities. The bill is set to take effect on November 1, 2025.