Minnesota HF3386 establishes a tax credit for farmers who donate food to a food shelf.

Minnesota HF3386 creates a tax credit for farmers who donate food to a food shelf. The credit is equal to 85 percent of the value of the qualifying donations. The credit is calculated using the rules for determining the monetary value of a charitable contribution under section 170 of the Internal Revenue Code. The credit is nonrefundable and can be carried over to the five succeeding taxable years if unused. The credit cannot be used to calculate any other state income tax deduction or credit allowed by law. The credit is effective for taxable years beginning after December 31, 2025.

Minnesota HF3386 establishes a tax credit for farmers who donate food to a food shelf.

Minnesota HF3386 creates a tax credit for farmers who donate food to a food shelf. The credit is equal to 85 percent of the value of the qualifying donations. The credit is calculated using the rules for determining the monetary value of a charitable contribution under section 170 of the Internal Revenue Code. The credit is nonrefundable and can be carried over to the five succeeding taxable years if unused. The credit cannot be used to calculate any other state income tax deduction or credit allowed by law. The credit is effective for taxable years beginning after December 31, 2025.