With the Oklahoma Medical Research Foundation’s one-of-a-kind Oklahoma tax credit, for every
$2 you give to OMRF, you’ll get a $1 state tax credit (up to a $1,000 credit for individual tax payers and $2,000
for married couples filing jointly).
It's simple—the more you give, the more you save.
Questions? Call (405) 271-7400
What is a tax credit?
A tax credit is an offset against the amount of taxes you owe. If you have a tax credit in the amount
of $100, that means that your income taxes will be lowered by $100.
How is that different from a deduction?
A tax credit is an offset against the taxes you owe, while a deduction is an offset against your taxable
income. The bottom line: a tax credit saves you more money than a deduction.
What is the OMRF Donor Tax Credit?
Under Oklahoma law, anyone who makes a tax-deductible donation to the Oklahoma Medical Research Foundation
may claim a tax credit equal to half the amount of their donation (up to a maximum tax credit of $1,000
for each individual taxpayer or a credit of $2,000 for taxpayers filing a joint return) on their Oklahoma
state income tax return. This tax credit is known technically as the “Biomedical Research Tax Credit.”
Who can claim the Biomedical Research Tax Credit?
Any Oklahoma taxpayer (including individuals, corporations, estates,
trusts and partnerships) who makes a donation to OMRF may claim this
credit on their state income tax return.
Will I be able to claim this tax credit on my federal income tax return?
No. However, you may still claim your donation to OMRF as a tax deduction on your federal return just as
you do any other charitable contribution.
How do I claim the Biomedical Research Tax Credit on my Oklahoma
income tax return?
On line 17 of Oklahoma state income tax form 511, simply enter the amount you donated to OMRF in that
year. A copy of the canceled check or OMRF receipt must be provided as proof of donation. You can find
and print out a copy of form 511 (and accompanying instructions) by going to
http://www.tax.ok.gov/it2007/511-PKT-07-W.pdf
Do I need to submit a receipt from OMRF along with my return?
Yes, if you are filing a traditional paper return. If you file your taxes electronically, you also should
keep your receipt, as the Oklahoma Tax Commission may require a copy.
If I file my taxes electronically, how do I claim this credit?
Whatever electronic filing program you use should offer you an opportunity to claim this tax credit.
When it asks you if you've made any donations to an "independent biomedical research institute,"
simply enter the amount of your total donation to OMRF.
Do I need to itemize my taxes to claim this credit?
No. Even if you take the standard deduction, you may claim this credit.
How large will my tax credit be?
Your tax credit will be equal to half the amount of your donation to OMRF, up to a total tax credit of
$1,000 for individuals, $2,000 for taxpayers filing jointly. That means that a $100 gift will earn you
a tax credit of $50, while a $2,000 gift will bring a credit of $1,000.
Can I claim tax credits on multiple donations made throughout the year?
Yes, for purposes of this credit, you may combine any number of donations up to a cumulative annual total
of $2,000 for individual taxpayers or $4,000 for taxpayers filing a joint return.
Can I claim the credit on a gift of stock or other securities?
Yes, gifts and stock and other securities also qualify for the credit. In fact, under some circumstances,
gifts of appreciated securities can create even greater tax advantages than gifts of cash. If you would
like further guidance on this particular issue, please consult a qualified tax professional.
Are charitable IRA rollover gifts to OMRF eligible for the tax credit?
Yes. OMRF is a qualified public charity under the new charitable IRA rollover provisions enacted by the
federal government for 2006 and 2007, and the Oklahoma Tax Commission indicated that these gifts are
eligible for the Biomedical Research Tax Credit.
This information is provided for general information purposes only,
and we recommend that you consult a qualified tax professional to determine the effect a donation to
OMRF will have upon your individual income tax return. If you have additional questions or need further
assistance, please don't hesitate to call OMRF at
(405) 271-7400.
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