OK SB1919

Creates a new Oklahoma income tax credit for donations to cancer research institutes, effective January 1, 2011, in addition to the existing credit for donations to independent biomedical research institutes

Limits each type of credit to $1,000 maximum per taxpayer per year, with taxpayers able to claim one credit for each type of donation (biomedical and cancer research) annually

Splits the $2 million annual tax credit cap equally, allocating $1 million for independent biomedical research institute donations and $1 million for cancer research institute donations

Caps total cancer research institute credits at $50,000 for tax year 2011, with no more than 50% of the $2 million total credits going to cancer research in any subsequent year

Defines "cancer research institute" as a tax-exempt organization focused on raising cancer clinical care standards through peer-reviewed research, requiring at least $4 million in annual National Cancer Institute funding