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2016 SESSION

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SB 580 Income tax, state and corporate; tax credits for food crop donations to nonprofit food bank.

Introduced by: R. Creigh Deeds | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED SENATE: (all summaries)

Income tax credit; food crop donations to a food bank. Establishes an individual and corporate income tax credit beginning in 2016 for food crops that are grown by a person engaged in the business of farming and donated by such person to a nonprofit food bank. The credit would equal 30 percent of the fair market value of the food crops donated by the person during the taxable year, not to exceed an aggregate of $5,000 for any taxable year. The bill defines food crops as grains, fruits, nuts, or vegetables.

The Department of Taxation will administer the tax credit and may issue up to $250,000 in tax credits each fiscal year. The bill provides for any unused credit to be carried forward for five years. The credit would sunset on January 1, 2022. This bill is identical to HB 1093.


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