Provides a tax credit for food donations by qualified taxpayers to nonprofit organizations up to five thousand dollars ($5,000) per year.
This act would provide 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 75% of the fair market value of the donated food. The food must be apparently wholesome, meaning it meets all safety and labeling standards but may not be readily marketable due to appearance or other conditions. The credit can be carried over for up to five years if not fully used. The Division of Taxation will report annually on the use of this credit. The act takes effect on January 1, 2027.
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