OK SB301

Amends Oklahoma's income tax credit for donations to independent biomedical research institutes and cancer research institutes, effective November 1, 2025

For tax year 2026 and beyond, separates the annual credit caps: $1.5 million total for biomedical research institute donations and $500,000 total for cancer research institute donations (previously combined at $2 million)

Increases individual taxpayer credit limits starting in 2026: up to $1,000 for single filers, $2,000 for joint/head of household filers, and $25,000 for business entities donating to biomedical research institutes

Raises the National Institutes of Health funding threshold for qualifying independent biomedical research institutes from $15 million to $20 million annually

Unused credits may be carried forward for up to four years following the year of qualification