Nonprofit blood and tissue banks

From the 2024 DOR Tax Exemption Study

82.08.02805; 82.12.02747 - Nonprofit blood and tissue banks Description Nonprofit blood and tissue banks are exempt from sales and use taxes on purchases of medical supplies, chemicals, and materials. However, the exemption does not extend to construction materials, office equipment and supplies, or vehicles. Purpose To support the activities of these entities. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes $7.998 $8.183 $8.372 $8.565 Local Taxes $3.597 $3.680 $3.765 $3.852 Repeal of Repealing this exemption would increase revenues. exemption Potential ($ in millions): revenue gains FY 2024 FY 2025 FY 2026 FY 2027 from full repeal State Taxes $0.000 $7.501 $8.372 $8.565 Local Taxes $0.000 $3.373 $3.765 $3.852 Assumptions - This repeal takes effect July 1, 2024, and impacts 11 months of collections in fiscal year 2025. - Growth rate mirrors the industrial production index for medical equipment and supplies growth rate reflected in the Economic and Revenue Forecast Council's March 2023 forecast. - Local revenue estimates use the statewide average local sales and use taxes rate of 2.92%. Data Sources - Department of Revenue, Excise tax data - Economic an