Ag-related groups push for charitable food deductions
July 16, 2014 | 06:33 PM
Feeding America, the Land Trust Alliance and the National Restaurant Association are among the groups urging the House to vote for a bill that would make permanent certain tax deductions for charitable donations of food.
“The legislation makes permanent the IRA charitable rollover and enhanced deductions for the donations of food inventory and conservation easements, all of which are currently lapsed,” the Independent Sector said in a news release that included Feeding America and the Land Trust Alliance.
“Additionally, the bill would streamline the excise tax on private foundation investment income and extend until April 15 the deadline for taxpayers to make charitable contributions and claim a deduction on their previous year’s tax return.”
Separately, the National Restaurant Association wrote members of Congress today asking that they support a tax measure making permanent the enhanced deduction for charitable donation of food inventory.
The provision is included in H.R. 4719, which is expected to be considered by the House this week, NRA said in an email.
NRA said its research shows that 83 percent of restaurants that made a charitable contribution in 2011 donated food to individuals or charitable organizations.
“The deduction for charitable donation of food inventory is a critical tool in alleviating hunger, as it helps to offset the costs associated with preserving, storing and transporting food donations,” NRA said.
▪ H.R. 4719 — Fighting Hunger Incentive Act of 2014
▪ National Restaurant Association letter to Congress
“The legislation makes permanent the IRA charitable rollover and enhanced deductions for the donations of food inventory and conservation easements, all of which are currently lapsed,” the Independent Sector said in a news release that included Feeding America and the Land Trust Alliance.
“Additionally, the bill would streamline the excise tax on private foundation investment income and extend until April 15 the deadline for taxpayers to make charitable contributions and claim a deduction on their previous year’s tax return.”
Separately, the National Restaurant Association wrote members of Congress today asking that they support a tax measure making permanent the enhanced deduction for charitable donation of food inventory.
The provision is included in H.R. 4719, which is expected to be considered by the House this week, NRA said in an email.
NRA said its research shows that 83 percent of restaurants that made a charitable contribution in 2011 donated food to individuals or charitable organizations.
“The deduction for charitable donation of food inventory is a critical tool in alleviating hunger, as it helps to offset the costs associated with preserving, storing and transporting food donations,” NRA said.
▪ H.R. 4719 — Fighting Hunger Incentive Act of 2014
▪ National Restaurant Association letter to Congress
