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