Revenue and taxation; tax credits; biomedical and cancer research; effective date.

HB 2755 modifies Oklahoma's tax credit program for donations to biomedical and cancer research institutes. It sets annual spending limits: $2 million total for both types of donations through 2025, then $1.5 million for biomedical research and $500,000 for cancer research annually after 2025. Taxpayers can claim credits up to $1,000-$25,000 per donation (depending on filer type or business status), with credits calculated using annual formulas based on prior year claims. The bill defines qualifying organizations as those receiving specific NIH funding levels ($20M/year for biomedical institutes, $4M/year for cancer institutes) and requires donations to support peer-reviewed research.