SB 301 Summary

• Amends the tax credit for donations to independent biomedical research institutes and cancer research institutes by establishing separate credit limits and caps for tax years 2026 and beyond.

• For tax years 2007-2025, maintains a combined $2,000,000 annual cap with $1,000 maximum per taxpayer per donation type; beginning in 2026, creates separate caps of $1,500,000 for biomedical institutes and $500,000 for cancer institutes with tiered taxpayer limits ranging from $1,000 to $25,000.

• Increases the National Institute of Health funding requirement for biomedical research institutes from $15,000,000 to $20,000,000 annually to qualify for the credit.

• Modifies the credit adjustment formula for years 2026 and beyond to use the second preceding tax year data instead of the preceding year data for calculating the credit percentage.

• Becomes effective November 1, 2025.