Fwd: FW: Harvest Program Important Notice Regarding Tax Incentives For Surplus Food Donations For FY2012
Renee Catacalos
From: Full Plate Ventures <che...@fullplateventures.com>
Date: Thu, Dec 13, 2012 at 3:21 PM
Subject: FW: Harvest Program Important Notice Regarding Tax Incentives For Surplus Food Donations For FY2012
To: Caroline Taylor <caro...@mocoalliance.org>, Sophia Maravell <sop...@brickyardeducationalfarm.org>, Renee Brooks Catacalos <re...@futureharvestcasa.org>, Lindsay Smith <lin...@mocofoodcouncil.org>, Jenna Umbriac <je...@mannafood.org>
Hello food supporters,
I wanted to bring this to your attention so that you can get the word out to support tax deduction for surplus food donations.
Best,
Cheryl
Cheryl Kollin
Full Plate Ventures, LLC.
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From: Jim Larson [mailto:Jim.L...@foodtodonate.com]
Sent: Thursday, December 13, 2012 12:02 PM
To: Jim Larson
Subject: Harvest Program Important Notice Regarding Tax Incentives For Surplus Food Donations For FY2012
IMPORTANT NOTICE REGARDING TAX INCENTIVES FOR DONATIONS OF SURPLUS FOOD FOR FY2012
The enhanced tax deduction for surplus food donations expired on December 31, 2011! Please read this email and act NOW to contact your U.S. senators and representatives so that your donor partners’ enhanced tax deduction will be available for FY2012. This deduction is an incentive that encourages surplus food donations to organizations like yours.
As you know, most small businesses with taxable income can realize a financial benefit derived from an enhanced tax deduction for surplus food donations. This tax law is permanent for C corporations, but since 2005 the law for non-C corps has to be voted on by Congress and extended every two years. The current law for non-C corps expired on December 31, 2011. Historically, the U.S. Congress has retroactively extended the benefit after expiration, but they have not done so this year!
The Senate has crafted Bill S.3521 for tax extenders (the House of Representatives has not created a bill yet). A summary of the Enhanced charitable deduction for contributions of food inventory is found on page 50 of the “Family and Business Tax Cut Certainty Act of 2012” http://www.finance.senate.gov/legislation/details/?id=1cb48bce-5056-a032-5255-272274d52b64
Ultimately, this tax incentive needs to be made permanent for non-C corps so they will have a tax incentive to donate surplus food. This may be addressed in future tax reform discussions, but for now, the current law needs to be extended in December.
Please contact your Representatives and Senators to thank them for their service and to request that they support and promote the tax extender for contributions of food inventory. You can customize and use the attached letter and talking points to share your specific situation and concerns with your Representatives and Senators.
If you have any questions, please let me know.
Thank You!
Jim
Jim Larson | Program Development Director
Food Donation Connection
P.O. Box 22787 | Knoxville, TN 37933
865-777-2593 Direct |1-800-206-3952 Toll Free
865-777-2597 Fax| 865-548-1707 Cell
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