H.R.3729 - 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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  • Official: To amend the Internal Revenue Code of 1986 to permanently extend and expand the charitable deduction for contributions of food inventory. as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
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12/19/11
 
 
 
 
 
 
 

Sponsor

Representative

Geoff Davis

R-KY

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Official Summary

Amends the Internal Revenue Code to: (1) make permanent the tax deduction for charitable contributions of food inventory; (2) set forth rules for determining the basis and fair market value of contributed food; and (3) increase from 10% to 15% of taxpayer net income the amount of deductible

Official Summary

Amends the Internal Revenue Code to:
(1) make permanent the tax deduction for charitable contributions of food inventory;
(2) set forth rules for determining the basis and fair market value of contributed food; and
(3) increase from 10% to 15% of taxpayer net income the amount of deductible food inventory contributions which a taxpayer, including a C corporation, may make in any taxable year.

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