California SB353 provides a tax credit for donations of certain food items to food banks.

California SB353 amends the Revenue and Taxation Code to allow a tax credit for donations of fresh fruits, fresh vegetables, and other specified food items to food banks. The credit is equal to 15 percent of the qualified value of the donated items. The credit can be carried over to reduce tax in subsequent years if it exceeds the tax owed. The credit is available for taxable years beginning on or after January 1, 2017, and before January 1, 2032. The Franchise Tax Board must report to the Legislature on the utilization of this credit.

California SB353 provides a tax credit for donations of certain food items to food banks.

California SB353 amends the Revenue and Taxation Code to allow a tax credit for donations of fresh fruits, fresh vegetables, and other specified food items to food banks. The credit is equal to 15 percent of the qualified value of the donated items. The credit can be carried over to reduce tax in subsequent years if it exceeds the tax owed. The credit is available for taxable years beginning on or after January 1, 2017, and before January 1, 2032. The Franchise Tax Board must report to the Legislature on the utilization of this credit.