OK HB2755

Modifies tax credit limitations for donations to biomedical and cancer research institutes, changing the applicability period from calendar years to tax years 2007 through 2025.

For tax years 2026 and beyond, establishes separate credit caps of $1,500,000 annually for biomedical research donations and $500,000 annually for cancer research donations, with credits not exceeding $1,000-$2,000 for individual filers and $25,000 for business entities.

Increases the minimum annual National Institutes of Health funding requirement for independent biomedical research institutes from $15,000,000 to $20,000,000.

Allows excess tax credits beyond the applicable limitation amounts to factor into percentage adjustment formulas for subsequent years, with adjustments for one type of donation not affecting the other type.

Takes effect November 1, 2025.