Nonprofit blood, bone and tissue banks

From the 2024 DOR Tax Exemption Study

82.04.324 - Nonprofit blood, bone and tissue banks Description Qualifying nonprofit blood or tissue banks or qualifying blood and tissue banks receive a B&O tax exemption from income exempt from federal income tax. Purpose To support the activities of these entities. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes $10.120 $10.500 $10.970 $11.490 Local Taxes $0.000 $0.000 $0.000 $0.000 Repeal of Repealing this exemption would increase revenues. exemption Potential ($ in millions): revenue gains FY 2024 FY 2025 FY 2026 FY 2027 from full repeal State Taxes $0.000 $9.630 $10.970 $11.490 Local Taxes $0.000 $0.000 $0.000 $0.000 Assumptions - This repeal takes effect July 1, 2024, and impacts 11 months of collections in fiscal year 2025. - Growth rate mirrors the services B&O taxable activity growth rate reflected in the Economic and Revenue Forecast Council's March 2023 forecast. - The portion of income exempt from federal income tax equates to 80% of total income and would be subject to service B&O tax. Data Sources - Department of Revenue, Excise tax data - Economic and Revenue Forecast Council, March 2023 forecast - Projects.Propublica.org, Nonprofit expl