SS/HCS/HB 453 - This act authorizes an income tax credit for donations of cash or food to any local food pantry. The amount of the tax credit will be equal to one-half the value of the donation and cannot exceed two thousand five hundred dollars per taxpayer. The cumulative amount of the tax credits that can be issued to all taxpayers shall not exceed two million dollars per year. The Director of the Department of Revenue will establish the procedure for distributing the tax credits so that all eligible taxpayers will receive a share of the credits available for the fiscal year. The provisions of this tax credit program will expire four years from the effective date unless reauthorized. This act also makes taxpayer donations of cash, publicly-traded stocks and bonds, and real estate to residential treatment agencies eligible donations for tax credits. Such donations will be valued and documented according to rules promulgated by the department of social services.
JASON ZAMKUS