The enactment of HB4250 is expected to bolster the blood donation efforts across Illinois by combining financial incentives with community responsibility. Supporters argue that the bill will not only promote public health by ensuring a stable supply of blood but also increase awareness about the importance of donating blood. The tax credit may particularly benefit non-profit blood banks that rely on community donations to meet healthcare needs.
Summary
House Bill 4250 introduces a tax incentive for individuals who contribute to their community through blood donation. Specifically, the bill amends the Illinois Income Tax Act to establish a new tax credit of $250 for taxpayers who make four or more qualified donations of human whole blood or components in a given taxable year. This initiative aims to encourage blood donation by providing financial relief to those who participate in this vital public health activity. The bill is set to take effect for taxable years beginning January 1, 2025.
Contention
While the bill is generally well-received, some legislators express concerns regarding its potential impact on state revenue. The introduction of tax credits could result in reduced tax income for the state, which might necessitate adjustments in budget planning. Critics also question the effectiveness of tax incentives in driving higher participation rates in blood donation compared to traditional outreach and education methods. Ultimately, its success will hinge on balancing these fiscal concerns with its intended public health benefits.