Individual income tax: credit; credit for verified blood donations; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding sec. 253.
If enacted, HB4068 will amend the Income Tax Act of 1967, adding section 253 to facilitate the new tax credit. The implications for state laws include potential changes in how taxpayers approach their annual tax returns, as they will need to document their blood donations to receive the credit. Furthermore, it aims to support nonprofit blood bank organizations by increasing the total volume of blood donations. As documented donations are required, the bill also ensures that only legitimate contributors benefit from the credit.
The bill has already seen support in legislative discussions, as highlighted by its voting history, which shows a 10-1 endorsement on May 17, 2023. This overwhelming support suggests that lawmakers recognize the potential benefits of such legislation for public health and community welfare. However, there remains a need to monitor the bill's implementation and assess its effectiveness in boosting blood donation rates across Michigan.
House Bill 4068 introduces a new tax credit for individuals who make verified blood donations. Specifically, the bill allows taxpayers to claim a credit of $25 for each verified blood donation made during a tax year, beginning January 1, 2023. This initiative aims to encourage blood donation by providing a tangible financial incentive for residents who contribute to blood banks. The bill emphasizes the importance of voluntary and uncompensated blood contributions, which are critical for ensuring the availability of blood supplies.
There may be some contention regarding the implementation and uptake of this measure. Critics may argue that tax credits, although beneficial, could have budgetary implications for the state by reducing tax revenues. Additionally, ensuring that the verification process for blood donations is efficient and universally accessible could be a concern in its execution. Ensuring that all individuals, regardless of socio-economic status, can participate in this initiative could generate debate among legislators and stakeholders.