Income tax; extend tax years for employer taxpayer to claim credit for employees' blood donations during blood drive.
Impact
The introduction of HB 748 is expected to have a positive impact on blood donation rates in Mississippi by providing a tangible financial incentive for employers to encourage their employees to participate in blood drives. This initiative not only benefits the state’s blood supply but also aims to foster a culture of community support and responsibility among businesses and their employees. By extending the tax credit period, the bill seeks to ensure a consistent and sustained commitment to blood donation efforts over several years.
Summary
House Bill 748 amends Section 27-7-22.44 of the Mississippi Code to extend the calendar years for which employer taxpayers may claim an income tax credit for blood donations made by employees during blood drives. Specifically, it allows employers to claim a credit of twenty dollars ($20.00) for each verified blood donation made by an employee, applicable for the years 2022 through 2027. The aim of this bill is to incentivize blood donation through financial means, thereby supporting nonprofit blood banks in the state.
Contention
While the bill generally appears to have support from various stakeholders in the nonprofit and healthcare sectors for its intended purpose, there may still be discussions around its potential cost implications for the state’s tax revenue. Concerns could arise regarding the limit on the overall tax credits available for all employers—set at a maximum of $100,000 per taxable year—which might be perceived as insufficient to accommodate larger employers or greater participation in blood drives. Nevertheless, the structured approach of this tax credit is designed to balance encouraging donations while protecting state revenue.
Requires employers to provide full-time employees four (4) hours of paid leave once a year to donate blood through and any approved blood donation program.
Requires employers to provide full-time employees four (4) hours of paid leave once a year to donate blood through and any approved blood donation program.