Our Blood Institute's Blood Drive Tax Credit Program stems from Oklahoma's Senate Bill 905. This legislation offers a tax credit to employers that contribute work time and space for employee blood drives. As the first state in the nation to pass such legislation, Oklahoma businesses can receive tax relief to recoup lost wages and productivity occurring because of onsite blood drives hosted during work hours.
How does this legislation affect my business?
Oklahoma employers who host a blood drive with a non-profit blood center at their business will receive a $20 income tax credit for each verified volunteer blood donation made by their employees. The blood drive cannot be open to non-employees.
Are there limitations to the bill?
Effective for tax years 2022 through 2027, total credits are capped at $500,000 per year.
In the first year available, Oklahoma businesses earned $205,860 in tax credits through this program.
Can any business receive the tax credit?
The business must be an employer defined as a sole proprietor, general partnership, limited partnership, limited liability company, corporation, or other legally recognized business entity. The tax credit will fall under the OK 511 CR form that will be available for the 2022-year tax return.
For questions about this tax credit, contact your tax preparer.