Okla. Stat. tit. 68, § 68-2357.406
This is the official text of Okla. Stat. tit. 68, § 68-2357.406, part of Oklahoma’s Stat. tit. 68, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 68,." Browse the sections below, each linked to its official government source.
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Tax credit for blood donations by employees
Official statutory text
A. As used in this section:
Oklahoma Statutes - Title 68. Revenue and Taxation Page 906
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.
Oklahoma Statutes - Title 68. Revenue and Taxation Page 906
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.
Status: in_force · Read it on the official government site
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