ENGROSSED SENATE BILL 1149 - Summary

• Amends 68 O.S. 2011, Section 2357.45 to limit the time period for tax credits for donations to independent biomedical research institutes and cancer research institutes to tax years ending before January 1, 2017.

• Establishes a $2,000,000 annual cap on total tax credits, with credits adjusted annually based on previous year claims, not to exceed 50% for either type of donation.

• Requires independent biomedical research institutes to receive at least $15 million annually in National Institute of Health funding and cancer research institutes to receive at least $4 million annually in National Cancer Institute funding.

• Limits individual taxpayers to a maximum of $1,000 per credit per tax year for each type of donation, with unused credits allowed to carry over for up to four additional years.

• Effective November 1, 2014.