Oklahoma § 68-2357.406 - Tax credit for blood donations by employees

§ 68-2357.406. Tax credit for blood donations by employees

A. As used in this section:

Oklahoma Statutes - Title 68. Revenue and Taxation

1. "Blood donation" means the voluntary and uncompensated

donation of whole blood, or specific components of blood, by an

employee, drawn for use by a nonprofit blood bank organization as

part of a blood drive;

2. "Blood drive" means a function held at a specific date and

time which is organized by a nonprofit blood bank organization in

coordination with an employer or group of employers and is closed to

nonemployees;

3. "Employee" means an individual employed by an employer

authorized to claim a credit pursuant to this section;

4. "Employer" means a sole proprietor, general partnership,

limited partnership, limited liability company, corporation or other

legally recognized business entity; and

5. "Verified donation" means a blood donation by an employee,

made during a blood drive as defined in paragraph 2 of this

subsection, which can be documented by an employer.

B. For tax years 2022 through 2027, an employer shall be

allowed a credit against the tax imposed pursuant to Section 2355 or

2355.1P-4 of Title 68 of the Oklahoma Statutes, for each verified

donation of blood made by an employee as part of a blood drive by an

Oklahoma nonprofit blood donation organization.

C. The credit authorized by subsection B of this section shall

be equal to Twenty Dollars ($20.00) for each verified donation.

D. The credit authorized by this section shall not be used to

reduce the tax liability of the taxpayer to less than zero (0).

E. The total amount of credits authorized by this section used

to offset tax shall be adjusted annually to limit the annual amount

of credits to Five Hundred Thousand Dollars ($500,000.00). The

Oklahoma Tax Commission shall annually calculate and publish a

percentage by which the credits authorized by this section shall be

reduced so the total amount of credits used to offset tax does not

exceed Five Hundred Thousand Dollars ($500,000.00) per year. The

formula to be used for the percentage adjustment shall be Five

Hundred Thousand Dollars ($500,000.00) divided by the credits

claimed in the second preceding year.

F. The Oklahoma Tax Commission may determine, by rule,

documentation required to implement this section.

Added by Laws 2021, c. 541, § 1, eff. Nov. 1, 2021.