Tax Relief

Governor Stitt indicators regulation to encourage blood donation via corporate tax breaks – FOX23 Information

Oklahoma became the first state in the country to pass laws to encourage blood donation through corporate tax policies.

Governor Kevin Stitt signed the law on Wednesday.

The bill encourages companies to conduct blood donation campaigns in exchange for tax breaks. Companies that host a blood donation drive for a nonprofit blood donation in Oklahoma receive an income tax credit of $ 20 for every confirmed blood donation made by their employees. The drive cannot be opened for non-employees.

“Senate Bill 905 is a national model of how public-private partnerships can improve our blood supply, improve patient care and empower communities,” said Dr. John Armitage, President and CEO of the Oklahoma Blood Institute. “We are grateful to Senator Bullard, Rep. Davis, and Governor Stitt for their support in donating blood and making this law a reality. We’re excited that Wisconsin has already passed similar laws and adopted the model created here in Oklahoma. Hopefully other states will follow. “

The bill goes into effect November 1 and applies for tax years 2022 through 2027, with a cap on total credit of $ 500,000 per year.

To learn more about running blood drives or individual blood donation, visit obi.org or call 877-340-8777.

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