Plain English Breakdown
The bill text confirms the $5,000 amount and CPI adjustment but does not specify eligibility criteria beyond being a farmer donating food to charity.
Tax Credit for Farmers Who Donate Food
This bill creates a $5,000 tax credit that adjusts each year with inflation for farmers who donate food to charitable organizations.
What This Bill Does
- Creates a new tax credit of five thousand dollars for eligible donations.
- Requires the credit amount to change every year based on the consumer price index.
- Applies only when farmers donate food items, not other goods or services.
Who It Names or Affects
- Farmers who give food away
- Charitable organizations that receive the donated food
Terms To Know
- Tax credit
- An amount of money subtracted directly from taxes owed.
- Consumer price index
- A measure used to track changes in the cost of goods and services over time.
Limits and Unknowns
- The bill text does not list specific types of food that qualify for the credit.
- It is unclear if there are limits on how many times a farmer can claim this credit per year.
- The official effective date has not been set in the provided text.