Fighting Hunger Incentive Act of 2014 (H.R. 4719; 113th Congress)
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| Full title | To amend the Internal Revenue Code of 1986 to permanently extend and expand the charitable deduction for contributions of food inventory. |
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| Introduced in | 113th United States Congress |
| Introduced on | May 22, 2014 |
| Sponsored by | Rep. Tom Reed (R, NY-23) |
| Number of co-sponsors | 9 |
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The Fighting Hunger Incentive Act of 2014 (H.R. 4719) is a bill that would amend the Internal Revenue Code to permanently extend and expand certain expired provisions that provided an enhanced tax deduction for businesses that donated their food inventory to charitable organizations.
The bill was introduced into the United States House of Representatives during the 113th United States Congress. Combined with several other bills, it passed the House of Representatives on July 17, 2014 as the America Gives More Act.
After Congress expanded this tax deduction in 2006 to allow entities beyond C corporations to donate, the food bank donations increased 127 percent. This tax deduction for the charitable donation of food has existed since 1976.
Research done by the National Restaurant Association found that "84 percent of restaurants donate food to individuals or charities."
This summary is based largely on the summary provided by the Congressional Research Service, a public domain source.
The Fighting Hunger Incentive Act of 2014 would amend the Internal Revenue Code to: (1) make permanent the tax deduction for charitable contributions of food inventory, (2) increase from 10% to 15% of taxpayer aggregate net income the amount of deductible food inventory contributions which a taxpayer may make in any taxable year (15% of the taxable income of C corporations), and (3) set forth rules for determining the basis of contributed food for taxpayers other than C corporations and the fair market value of such food.
This summary is based largely on the summary provided by the Congressional Budget Office, as ordered reported by the House Committee on Ways and Means on May 29, 2014. This is a public domain source.
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