[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4719 Engrossed in House (EH)]

113th CONGRESS
  2d Session
                                H. R. 4719

_______________________________________________________________________

                                 AN ACT


 
 To amend the Internal Revenue Code of 1986 to permanently extend and 
  expand the charitable deduction for contributions of food inventory.

    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 ``America Gives More Act of 2014''.

SEC. 2. EXTENSION AND EXPANSION OF CHARITABLE DEDUCTION FOR 
              CONTRIBUTIONS OF FOOD INVENTORY.

    (a) Permanent Extension.--Section 170(e)(3)(C) of the Internal 
Revenue Code of 1986 is amended by striking clause (iv).
    (b) Increase in Limitation.--Section 170(e)(3)(C) of such Code, as 
amended by subsection (a), is amended by striking clause (ii), by 
redesignating clause (iii) as clause (iv), and by inserting after 
clause (i) the following new clauses:
                            ``(ii) Limitation.--The aggregate amount of 
                        such contributions for any taxable year which 
                        may be taken into account under this section 
                        shall not exceed--
                                    ``(I) in the case of any taxpayer 
                                other than a C corporation, 15 percent 
                                of the taxpayer's aggregate net income 
                                for such taxable year from all trades 
                                or businesses from which such 
                                contributions were made for such year, 
                                computed without regard to this 
                                section, and
                                    ``(II) in the case of a C 
                                corporation, 15 percent of taxable 
                                income (as defined in subsection 
                                (b)(2)(D)).
                            ``(iii) Rules related to limitation.--
                                    ``(I) Carryover.--If such aggregate 
                                amount exceeds the limitation imposed 
                                under clause (ii), such excess shall be 
                                treated (in a manner consistent with 
                                the rules of subsection (d)) as a 
                                charitable contribution described in 
                                clause (i) in each of the 5 succeeding 
                                years in order of time.
                                    ``(II) Coordination with overall 
                                corporate limitation.--In the case of 
                                any charitable contribution allowable 
                                under clause (ii)(II), subsection 
                                (b)(2)(A) shall not apply to such 
                                contribution, but the limitation 
                                imposed by such subsection shall be 
                                reduced (but not below zero) by the 
                                aggregate amount of such contributions. 
                                For purposes of subsection (b)(2)(B), 
                                such contributions shall be treated as 
                                allowable under subsection 
                                (b)(2)(A).''.
    (c) Determination of Basis for Certain Taxpayers.--Section 
170(e)(3)(C) of such Code, as amended by subsections (a) and (b), is 
amended by adding at the end the following new clause:
                            ``(v) Determination of basis for certain 
                        taxpayers.--If a taxpayer--
                                    ``(I) does not account for 
                                inventories under section 471, and
                                    ``(II) is not required to 
                                capitalize indirect costs under section 
                                263A,
                        the taxpayer may elect, solely for purposes of 
                        subparagraph (B), to treat the basis of any 
                        apparently wholesome food as being equal to 25 
                        percent of the fair market value of such 
                        food.''.
    (d) Determination of Fair Market Value.--Section 170(e)(3)(C) of 
such Code, as amended by subsections (a), (b), and (c), is amended by 
adding at the end the following new clause:
                            ``(vi) Determination of fair market 
                        value.--In the case of any such contribution of 
                        apparently wholesome food which cannot or will 
                        not be sold solely by reason of internal 
                        standards of the taxpayer, lack of market, or 
                        similar circumstances, or by reason of being 
                        produced by the taxpayer exclusively for the 
                        purposes of transferring the food to an 
                        organization described in subparagraph (A), the 
                        fair market value of such contribution shall be 
                        determined--
                                    ``(I) without regard to such 
                                internal standards, such lack of 
                                market, such circumstances, or such 
                                exclusive purpose, and
                                    ``(II) by taking into account the 
                                price at which the same or 
                                substantially the same food items (as 
                                to both type and quality) are sold by 
                                the taxpayer at the time of the 
                                contribution (or, if not so sold at 
                                such time, in the recent past).''.
    (e) Effective Date.--
            (1) In general.--Except as otherwise provided in this 
        subsection, the amendments made by this section shall apply to 
        contributions made after December 31, 2013, in taxable years 
        ending after such date.
            (2) Limitation; applicability to c corporations.--The 
        amendments made by subsection (b) shall apply to contributions 
        made in taxable years beginning after December 31, 2013.

SEC. 3. RULE ALLOWING CERTAIN TAX-FREE DISTRIBUTIONS FROM INDIVIDUAL 
              RETIREMENTS ACCOUNTS FOR CHARITABLE PURPOSES MADE 
              PERMANENT.

    (a) In General.--Section 408(d)(8) of the Internal Revenue Code of 
1986 is amended by striking subparagraph (F).
    (b) Effective Date.--The amendment made by this section shall apply 
to distributions made in taxable years beginning after December 31, 
2013.

SEC. 4. SPECIAL RULE FOR QUALIFIED CONSERVATION CONTRIBUTIONS MODIFIED 
              AND MADE PERMANENT.

    (a) Made Permanent.--
            (1) Individuals.--Subparagraph (E) of section 170(b)(1) of 
        the Internal Revenue Code of 1986 is amended by striking clause 
        (vi).
            (2) Corporations.--Subparagraph (B) of section 170(b)(2) of 
        such Code is amended by striking clause (iii).
    (b) Contributions of Capital Gain Real Property Made for 
Conservation Purposes by Native Corporations.--
            (1) In general.--Paragraph (2) of section 170(b) of the 
        Internal Revenue Code of 1986 is amended by redesignating 
        subparagraph (C) as subparagraph (D), and by inserting after 
        subparagraph (B) the following new subparagraph:
                    ``(C) Qualified conservation contributions by 
                certain native corporations.--
                            ``(i) In general.--Any qualified 
                        conservation contribution (as defined in 
                        subsection (h)(1)) which--
                                    ``(I) is made by a Native 
                                Corporation, and
                                    ``(II) is a contribution of 
                                property which was land conveyed under 
                                the Alaska Native Claims Settlement 
                                Act,
                        shall be allowed to the extent that the 
                        aggregate amount of such contributions does not 
                        exceed the excess of the taxpayer's taxable 
                        income over the amount of charitable 
                        contributions allowable under subparagraph (A).
                            ``(ii) Carryover.--If the aggregate amount 
                        of contributions described in clause (i) 
                        exceeds the limitation of clause (i), such 
                        excess shall be treated (in a manner consistent 
                        with the rules of subsection (d)(2)) as a 
                        charitable contribution to which clause (i) 
                        applies in each of the 15 succeeding years in 
                        order of time.
                            ``(iii) Native corporation.--For purposes 
                        of this subparagraph, the term `Native 
                        Corporation' has the meaning given such term by 
                        section 3(m) of the Alaska Native Claims 
                        Settlement Act.''.
            (2) Conforming amendment.--Section 170(b)(2)(A) of such 
        Code is amended by striking ``subparagraph (B) applies'' and 
        inserting ``subparagraph (B) or (C) applies''.
            (3) Valid existing rights preserved.--Nothing in this 
        subsection (or any amendment made by this subsection) shall be 
        construed to modify the existing property rights validly 
        conveyed to Native Corporations (within the meaning of section 
        3(m) of the Alaska Native Claims Settlement Act) under such 
        Act.
    (c) Effective Date.--The amendments made by this section shall 
apply to contributions made in taxable years beginning after December 
31, 2013.

SEC. 5. EXTENSION OF TIME FOR MAKING CHARITABLE CONTRIBUTIONS.

    (a) In General.--Subsection (a) of section 170 of the Internal 
Revenue Code of 1986 is amended by redesignating paragraphs (2) and (3) 
as paragraphs (3) and (4), respectively, and by inserting after 
paragraph (1) the following new paragraph:
            ``(2) Treatment of charitable contributions made by 
        individuals before due date of return.--If any charitable 
        contribution is made by an individual after the close of a 
        taxable year but not later than the due date (determined 
        without regard to extensions) for the return of tax for such 
        taxable year, then the taxpayer may elect to treat such 
        charitable contribution as made in such taxable year. Such 
        election shall be made at such time and in such manner as the 
        Secretary may provide. For purposes of this paragraph, an 
        individual's distributive share of a partnership's charitable 
        contribution, and an individual's pro rata share of an S 
        corporation's charitable contribution, shall not be treated as 
        charitable contributions made by such individual.''.
    (b) Effective Date.--The amendments made by this section shall 
apply to elections made with respect to taxable years beginning after 
December 31, 2013.

SEC. 6. MODIFICATION OF THE TAX RATE FOR THE EXCISE TAX ON INVESTMENT 
              INCOME OF PRIVATE FOUNDATIONS.

    (a) In General.--Section 4940(a) of the Internal Revenue Code of 
1986 is amended by striking ``2 percent'' and inserting ``1 percent''.
    (b) Elimination of Reduced Tax Where Foundation Meets Certain 
Distribution Requirements.--Section 4940 of such Code is amended by 
striking subsection (e).
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after the date of the enactment of 
this Act.

SEC. 7. BUDGETARY EFFECTS.

    (a) Statutory Pay-As-You-Go Scorecards.--The budgetary effects of 
this Act shall not be entered on either PAYGO scorecard maintained 
pursuant to section 4(d) of the Statutory Pay-As-You-Go Act of 2010.
    (b) Senate PAYGO Scorecards.--The budgetary effects of this Act 
shall not be entered on any PAYGO scorecard maintained for purposes of 
section 201 of S. Con. Res. 21 (110th Congress).

            Passed the House of Representatives July 17, 2014.

            Attest:

                                                                 Clerk.
113th CONGRESS

  2d Session

                               H. R. 4719

_______________________________________________________________________

                                 AN ACT

 To amend the Internal Revenue Code of 1986 to permanently extend and 
  expand the charitable deduction for contributions of food inventory.