HI HB1556

Creates a refundable blood donation income tax credit for Hawaii taxpayers who make four or more blood donations through a state blood bank during the taxable year.

Defines qualifying donations as one whole blood, platelet, or plasma donation counting as one donation, while one double red cell donation counts as two donations.

Allows the credit to be deducted from net income tax liability, with excess credits refunded to the taxpayer; refunds of less than $1 are not issued.

Requires the Director of Taxation to prepare claim forms, may require taxpayers to furnish information to validate claims, and may adopt rules to implement the credit.

Applies to taxable years beginning after December 31, 2022, with an effective date of July 1, 2060; all credit claims must be filed within twelve months after the close of the taxable year.