Bill creating tax credits for employer-hosted blood drives signed into law

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OKLAHOMA CITY (KFOR) – Businesses that host blood drives for their employees could soon qualify for a tax incentive for helping address Oklahoma’s blood shortage.

Sen. David Bullard, (R-Durant), filed Senate Bill 905, which would provide an income tax credit for tax years 2022 through 2027 to businesses that host blood drives for their employees.

“Having continual blood drives is crucial to maintaining our state’s blood reserves and ensuring Oklahomans have life-saving blood in times of need,” Bullard said. “By providing a tax credit, we’re hopeful that more businesses will host blood drives for their employees, making the process more accessible and convenient and, ultimately, increasing the state’s supply. I want to thank the Oklahoma Blood Institute for bringing this idea to the legislature’s attention and helping get it to the governor’s desk. Lives will be saved because of this new law.”

SB 905 would 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 and will sunset after tax year 2027.

“This legislation promises to make a major impact on blood donations in our state, a critical part of our health care system and disaster preparedness,” said Dr. John Armitage, OBI president and CEO. “We’re thankful to Senator Bullard and Representative Davis for their support as we work to provide the strongest blood supply possible for our communities.”

On Tuesday, Gov. Kevin Stitt signed the measure into law.

The bill will go into effect Nov. 1, 2021.

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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