[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[S. 810 Introduced in Senate (IS)]







107th CONGRESS
  1st Session
                                 S. 810

To amend the Internal Revenue Code of 1986 to clarify the amount of the 
charitable deduction allowable for contributions of food inventory, and 
                          for other purposes.


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                   IN THE SENATE OF THE UNITED STATES

                              May 1, 2001

 Mr. McConnell (for himself and Mrs. Lincoln) introduced the following 
  bill; which was read twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to clarify the amount of the 
charitable deduction allowable for contributions of food inventory, and 
                          for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Feeding Needy Families Act''.

SEC. 2. CHARITABLE DEDUCTION FOR CONTRIBUTIONS OF FOOD INVENTORY.

    (a) In General.--Subsection (e) of section 170 of the Internal 
Revenue Code of 1986 (relating to certain contributions of ordinary 
income and capital gain property) is amended by adding at the end the 
following new paragraph:
            ``(7) Special rule for contributions of food inventory.--
                    ``(A) Contributions by non-corporate taxpayers.--In 
                the case of a charitable contribution of food, 
                paragraph (3) shall be applied without regard to 
                whether or not the contribution is made by a 
                corporation.
                    ``(B) Determination of fair market value.--For 
                purposes of this section, in the case of a charitable 
                contribution of food which is a qualified contribution 
                (within the meaning of paragraph (3), as modified by 
                subparagraph (A) of this paragraph) and which, solely 
                by reason of internal standards of the taxpayer, lack 
                of market, or similar circumstances, cannot or will not 
                be sold, the fair market value of such contribution 
                shall be determined--
                            ``(i) without regard to such internal 
                        standards, such lack of market, or such 
                        circumstances, and
                            ``(ii) if applicable, by taking into 
                        account the price at which the same or similar 
                        food items are sold by the taxpayer at the time 
                        of the contribution (or, if not so sold at such 
                        time, in the recent past).''
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to taxable years beginning after December 31, 2001.
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