Income tax, state and corporate; credit for food crop donations to a food bank. (HB974)

Introduced By

Del. Ben Cline (R-Amherst)

Description

Income tax credit; food crop donations to a food bank. Establishes an individual and corporate income tax credit beginning in 2014 for food crops that are grown and donated by a 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 bill provides for any unused credit to be carried forward for five years. The credit would sunset on January 1, 2019. Read the Bill »

Outcome

History