us-ok/stat

Okla. Stat. tit. 68, § 2357.406

Tax credit for blood donations by employees

Official textoscn.netlast amended Nov 01, 202111 subsections

# A.

As used in this section:

# 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.

Amendment history

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

Source: view the official text

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