OK SB84

Amends Oklahoma tax code to prohibit income tax credits for donations to independent biomedical research institutes and cancer research institutes for donations made on or after January 1, 2021, unless the legislature reauthorizes the credit after reviewing a required report.

Establishes credit limitations including a maximum annual cap of $2,000,000 across both donation types, with no more than 50% ($1,000,000) allocated to cancer research institute donations.

Limits individual taxpayers to one credit per donation type per year, with credits not exceeding $1,000 per taxpayer for each type of donation.

Defines "independent biomedical research institute" as a tax-exempt organization receiving at least $15,000,000 annually in National Institute of Health funding and conducting peer-reviewed basic biomedical research.

Defines "cancer research institute" as a tax-exempt organization or supporting organization receiving at least $4,000,000 annually in National Cancer Institute funding and focused on raising cancer clinical care standards through peer-reviewed research and education.

Makes this act contingent on Senate Bill No. 72 of the 55th Oklahoma Legislature becoming effective as law.