HB2461

Missouri HB2461 modifies the donated food tax credit, setting limits and procedures for credits related to donations to food banks, food pantries.

Missouri HB2461 modifies the donated food tax credit provisions. It sets a cumulative limit of $2.75 million for tax credits related to donations to local food pantries, soup kitchens, and homeless shelters, and $1.25 million for food banks, for tax years beginning after January 1, 2026. It allows taxpayers to claim a credit of up to 70% of the value of donations to these entities, subject to certain conditions. The bill also outlines procedures for apportionment of credits and specifies that unused credits from one category can be transferred to another.