IL HB4250

Creates a $250 income tax credit for taxpayers who make 4 or more qualified donations of human whole blood or blood components during the taxable year, effective for tax years beginning January 1, 2025.

Credit applies only to donations made to blood banks defined in the Illinois Clinical Laboratory and Blood Bank Act that are tax-exempt organizations under Section 501(c)(3) of the Internal Revenue Code.

Excess credits that exceed a taxpayer's annual tax liability may be carried forward and applied to tax liabilities in the 5 taxable years following the excess credit year.

Defines human blood components as red blood cells, white blood cells, platelets, or plasma derived from human whole blood.

Directs the Department of Revenue to adopt rules necessary to implement and administer the credit.