SB301

Oklahoma SB301 modifies income tax credits for donations to biomedical and cancer research institutes.

Oklahoma SB301 amends the state income tax credit for donations to independent biomedical research institutes and cancer research institutes. It limits the credit to $1,000 for single filers and married filing separately, $2,000 for married filing jointly, head of household, and qualifying widow, and $25,000 for business entities. The credit is subject to annual adjustments based on prior year credits claimed. The bill also sets a cap of $1.5 million annually for biomedical research institutes and $500,000 for cancer research institutes.