Provides a tax credit for food donations by qualified taxpayers to nonprofit organizations up to $5,000 per year.
This bill provides a tax credit for food donations by qualified taxpayers to nonprofit organizations up to five thousand dollars ($5,000) per year. The credit is equal to seventy-five percent (75%) of the fair market value of the donated food. The donated food must be apparently wholesome and used by the nonprofit organization to provide food to the needy. The tax credit cannot exceed the total tax imposed on the qualified taxpayer for the taxable year. The act takes effect on January 1, 2027.
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