[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 644 Reported in House (RH)]
Union Calendar No. 12
114th CONGRESS
1st Session
H. R. 644
[Report No. 114-18]
To amend the Internal Revenue Code of 1986 to permanently extend and
expand the charitable deduction for contributions of food inventory.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
February 2, 2015
Mr. Reed introduced the following bill; which was referred to the
Committee on Ways and Means
February 9, 2015
Additional sponsors: Mr. Tiberi, Mr. Schock, Mr. Costello of
Pennsylvania, Mr. Kelly of Pennsylvania, Mr. Gibson, Mr. Paulsen, and
Mr. Nunes
February 9, 2015
Reported with an amendment, committed to the Committee of the Whole
House on the State of the Union, and ordered to be printed
[Strike out all after the enacting clause and insert the part printed
in italic]
[For text of introduced bill, see copy of bill as introduced on
February 2, 2015]
_______________________________________________________________________
A BILL
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 ``Fighting Hunger Incentive Act of
2015''.
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
taxable 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 the date of the enactment of this Act,
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 ending after the date of the enactment of
this Act.
Union Calendar No. 12
114th CONGRESS
1st Session
H. R. 644
[Report No. 114-18]
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to permanently extend and
expand the charitable deduction for contributions of food inventory.
_______________________________________________________________________
February 9, 2015
Reported with an amendment, committed to the Committee of the Whole
House on the State of the Union, and ordered to be printed