H.R.4719 - America Gives More Act of 2014

To amend the Internal Revenue Code of 1986 to permanently extend and expand the charitable deduction for contributions of food inventory. view all titles (4)

All Bill Titles

  • Short: America Gives More Act of 2014 as passed house.
  • Short: Fighting Hunger Incentive Act of 2014 as reported to house.
  • Short: Fighting Hunger Incentive Act of 2014 as introduced.
  • 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
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Senate
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President
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05/22/14
 
07/17/14
 
 
 
 
 

 

Latest Vote

Result: Passed - July 17, 2014

Roll call number 432 in the House

Question: On Passage: H R 4719 To amend the Internal Revenue Code of 1986 to permanently extend and expand the charitable deduction for contributions of food inventory

 

Official Summary

America Gives More Act of 2014 - Amends the Internal Revenue Code to: (1) make permanent the enhanced tax deduction for charitable contributions of food inventory; (2) increase from 10% to 15% of the aggregate net income of taxpayers other than C corporations the amount of deductible food i

Official Summary

America Gives More Act of 2014 - Amends the Internal Revenue Code to:
(1) make permanent the enhanced tax deduction for charitable contributions of food inventory;
(2) increase from 10% to 15% of the aggregate net income of taxpayers other than C corporations the amount of deductible food inventory contributions which such taxpayers may make in any taxable year (for a C corporation, 15% of its taxable income);
(3) permit a taxpayer who is not required to account for inventories or capitalize indirect costs, to elect, solely for purposes of computing the amount of the deduction, to treat the basis of any apparently wholesome food (as defined in the Bill Emerson Good Samaritan Food Donation Act) as equal to 25% of the fair market value of such food; and
(4) set forth a formula for determining the fair market value of such food. Makes permanent:
(1) tax-free distributions from individual retirement accounts (IRAs) for charitable purposes, and
(2) the tax deduction for charitable contributions by individuals and corporations of real property interests for conservation purposes. Allows taxpayers to treat a charitable contribution made after the close of the taxable year but before the due date of the tax return as being made in such taxable year. Reduces from 2% to 1% the excise tax rate on the net investment income of tax-exempt private foundations. Repeals the 1% reduction in such tax rate for private foundations that meet certain distribution requirements. Prohibits the entry of the budgetary effects of this Act on any PAYGO (pay-as-you-go) scorecard.

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