Business-hosted blood drives may get income tax credit
Mike Seals - March 8, 2021 10:47 pm
OKLAHOMA CITY – Businesses that host blood drives for their employees could soon qualify for a tax incentive for helping address the state’s blood shortage. The Senate approved Senate Bill 905 Monday by Sen. David Bullard, R-Durant.
“Between the pandemic and the historic winter storm last month, our state blood supplies are dangerously low. Oklahoma is no stranger to natural disasters, but it’s important that our blood reserves stay full year-round regardless of what’s happening in the state,” Bullard said. “I worked with the Oklahoma Blood Institute on this bill, and we think by providing a tax incentive, more businesses would be willing to host blood drives and get their employees involved in helping their fellow Oklahomans and saving lives.”
SB 905 will provide an income tax credit of $20 per employee donor to businesses that host onsite blood drives. The total statewide cap for the credit is set at $500,000. The credit is not refundable and will sunset after tax year 2027.
“Blood is a special need that unlike other essentials, like food or clothing, can’t be manufactured or produced when demand increases. It has to come from the gracious donations of our fellow Oklahomans,” Bullard said. “Our state’s hospitals and health care industry require approximately 1,200 daily blood donations just to meet the basic health needs of our state. This will create a private/public partnership to help ensure our state always has the lifesaving blood supply our citizens need.”
The bill, which was a request of the Oklahoma Blood Institute, now moves to the House where Rep. Dean Davis, R-Broken Arrow, is the principal House author.