This bill amends Section 2357.45 of Title 68 of the Oklahoma Statutes, which pertains to tax credits for donations made to independent biomedical and cancer research institutes. The bill modifies the applicability period for certain tax credit designs and introduces new calculations, amounts, and limitations for these credits. Specifically, it establishes that for tax years 2007 through 2025, the total estimated credits for donations to biomedical and cancer research institutes shall not exceed $2 million annually, with a credit percentage capped at 50%. For tax years 2026 and beyond, the limits are adjusted to $1.5 million for biomedical research and $500,000 for cancer research, with specific credit caps for different taxpayer categories.

Additionally, the bill clarifies the definitions of "independent biomedical research institute" and "cancer research institute," increasing the funding requirements for these organizations to qualify for tax credits. The bill also stipulates that taxpayers can only claim one credit for each type of donation per taxable year, with specific dollar limits set for individual and business entity taxpayers. The effective date for these changes is set for November 1, 2025.