710:50-15-113 Qualified independent biomedical research institute or qualified cancer research center credit

(a) General provisions. For tax years beginning after December 31, 2004, there is allowed a credit against the tax imposed by 68 O.S. Section 2355 to any taxpayer who makes a donation to a qualified independent biomedical research institute. For tax years beginning after December 31, 2010, any taxpayer who makes a donation to a qualified cancer research institute is also eligible for the credit. Both qualified cancer research institutes and qualified independent biomedical research institutes must provide donors with written acknowledgment of the donation and the credit amount and must report this information to the Oklahoma Tax Commission. (b) Definitions. (1) "Qualified cancer research institute" means an organization which is exempt from taxation pursuant to the Internal Revenue Code whose primary focus is raising the standard of cancer clinical care in Oklahoma through peer-reviewed cancer research and education. The organization must be either an independent research institute or a program that is part of a state university which is a member of the Oklahoma State System of Higher Education and must receive at least $4,000,000 in National Cancer Institute funding per year. (2) "Qualified independent biomedical research institute" means an organization which is exempt from taxation under the Internal Revenue Code section 501(c)(3) whose primary focus is conducting peer-reviewed basic biomedical research. The organization shall have a board of directors, be able to accept grants in its own name, be an identifiable institute that has its own employees and administrative staff, and receive at least $20,000,000 in National Institutes of Health funding each year. (c) Qualification. In order to qualify for the credit, taxpayers must make a donation to either a qualified independent biomedical research institute or a qualified cancer research institute (d) Computation of credit and limitations. (1) Tax years 2007 through 2025. The credit is 50% of the amount donated, but may not exceed $1,000 ($2,000 for a married filing joint return) for each taxpayer for each type of donation. Taxpayers may not claim more than one credit for a donation to a qualified independent biomedical research institute and one credit for a donation to a qualified cancer research institute. (2) Tax year 2026 and subsequent tax years. (A) Donations to a qualified independent biomedical research institute. The credit is 50% of the amount donated but may not exceed $1,000 for taxpayers filing as single or $2,000 for taxpayers filing as married joint, head of household or surviving spouse, or $25,000 for any taxpayer which is a legal business entity, for each taxpayer for each type of donation. (B) Donations to a qualified cancer research institute. The credit is 50% of the amount donated but may not exceed $1,000 for taxpayers filing as single or $2,000 for taxpayers filing as married joint, head of household, surviving spouse, or any taxpayer which is a legal business entity, for each taxpayer for each type of donation. (e) Annual limitations. (1) Tax years 2012 through 2025. If the total tax credits authorized by this Section exceed $1,000,000 in a tax year for donations to either a cancer research institute or an independent biomedical research institute, the Tax Commission shall permit any excess over $1,000,000 but will factor such excess into the percentage adjustment formula for subsequent tax years for each type of credit. (2) Tax year 2026 and subsequent tax years. (A) Donations to a qualified independent biomedical research institute. If the total tax credits authorized exceed $1,500,000 for donations to a qualified independent biomedical research institute, the Tax Commission shall permit any excess over $1,500,000 but will factor such excess into the percentage adjustment formula for subsequent tax years. The adjusted percentage allowable will be determined by multiplying 50% times $1,500,000, then dividing the result by the credits allowed in the preceding tax year. (B) Donations to a qualified cancer research institute. If the total tax credits authorized exceed $500,000 for donations to a qualified cancer research institute, the Tax Commission shall permit any excess over $500,000 but will factor such excess into the percentage adjustment formula for subsequent tax years. The adjusted percentage allowable will be determined by multiplying 50% times $500,000, then dividing the result by the credits allowed in the preceding tax year. (f) Credit non-refundable, nontransferable; carryover provision. This credit may not be taken as a refund; nor may it be transferred. If the credit exceeds a taxpayer's liability, unused credits may be carried over for 4 years.