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September 29, 2008 § Leave a comment
Proposed Tax Extender Package Encourages Businesses to Donate, not Dump Food.
Senate Finance Committee Chairman Max Baucus, D-Mont., and his Republican counterpart on the panel, Charles Grassley of Iowa, proposed a tax extender package HR 6049. This tax package is one of the last major issues that Congress must address in the weeks before its scheduled adjournment for the year.
• The Senator Baucus/Grassley tax extender package (HR 6049) includes a food donation deduction provision that allows all business taxpayers (including farmers, restaurants and small businesses) to take a heightened charitable tax deduction for food donations to non-profit charitable organizations that serve the needy, such as the Capital Area Food Bank.
• Currently, only C corporations are eligible for the food donation tax deduction. This means that farmers, ranchers, restaurateurs, and other small businesses are often financially unable to donate food to hunger-relief charities, so they instead dump it.
Food Banks can not end hunger alone. We need the support from the private sector. This bill will improve our reach to the business community, and help us provide food to the 40,000 hungry Central Texans relying on our services each week.
The versions of this bill passed in both the House and the Senate. The bill may now proceed to a conference committee of senators and representatives to work out differences in the versions of the bill each chamber approved. The bill then goes to the President before becoming law. Conference members include Congresswoman Herseth Sandlin, and Congressmen Doggett, Berry, Bishop, Boswell, Boustany, Melancon, Congresswoman Giffords and Congressman Holden and Space.
TAKE ACTION: If your representative is on the conference committee for this bill, please call and ask him or her to support the passage of tax extenders legislation that includes an extension of the special enhanced tax deduction to all business taxpayers. This modest effort is greatly needed to help us get food to struggling families.