SB 1025: Income tax: credits: blood donation.

The Personal Income Tax Law and the Corporation Tax Law allow various credits against the taxes imposed by those laws.

This bill, for taxable years beginning on or after January 1, 2022, and before January 1, 2027, would allow a credit against those taxes to specified business entities that hold blood drives, in coordination with a nonprofit blood bank organization, on the entitys business premises, in an amount based on the number of blood drives organized by the taxpayer and the number of verified blood donations, not to exceed $10,000 $10,000, cumulatively, per taxable year.

Existing law requires any bill authorizing a new tax expenditure to contain, among other things, specific goals, purposes, and objectives that the tax expenditure will achieve, detailed performance indicators, and data collection requirements.

The bill would include additional information required for any bill authorizing a new tax expenditure.

This bill would take effect immediately as a tax levy.