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

Introduced By

Del. Ben Cline (R-Amherst)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

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

Bill Has Failed

History

DateAction
01/08/2014Prefiled and ordered printed; offered 01/08/14 14102701D
01/08/2014Referred to Committee on Finance
01/28/2014Assigned Finance sub: Subcommittee #3
01/30/2014Impact statement from TAX (HB974)
01/31/2014Subcommittee recommends continuing to 2015
02/03/2014Continued to 2015 in Finance
12/04/2014Left in Finance