Michigan HB5166 creates a charitable food tax credit program to support food providers and food banks.

Michigan HB5166 amends the Michigan Compiled Laws to establish a charitable food tax credit program. This program aims to improve food security by supporting emergency food providers and regional food banks. Qualified taxpayers, including those in farming, food processing, food manufacturing, or food distribution, can claim a credit of up to 65% of the fair market value of donated food. The credit cannot exceed 50% of the taxpayer's tax liability or $10,000.00 per tax year.

Michigan HB5166 creates a charitable food tax credit program to support food providers and food banks.

Michigan HB5166 amends the Michigan Compiled Laws to establish a charitable food tax credit program. This program aims to improve food security by supporting emergency food providers and regional food banks. Qualified taxpayers, including those in farming, food processing, food manufacturing, or food distribution, can claim a credit of up to 65% of the fair market value of donated food. The credit cannot exceed 50% of the taxpayer's tax liability or $10,000.00 per tax year.