H.B. 1557 Summary

• Establishes a tax credit for employers whose employees make verified blood donations at employer-sponsored blood drives organized by nonprofit blood bank organizations for taxable years 2022-2027

• Credit amount per donation and annual cap are left blank in the bill text but would be determined through the legislative process

• Credits may be carried forward to offset income tax liability in subsequent years if they exceed the taxpayer's current year tax liability

• Requires employers to document employee blood donations and claims must be filed within 12 months following the close of the taxable year

• Defines eligible donations as voluntary, uncompensated donations of whole blood or blood components by employees at blood drives closed to nonemployees