SB 1525 Wholesome food donation; tax credit renewed

About SB-1525

Wholesome food donation tax credit. Renews the wholesome food donation tax credit for taxable years beginning on or after January 1, 2023, but before January 1, 2028. The bill allows any person engaged in the business of farming that donates food crops or wholesome food, defined in the bill, produced by the person in the Commonwealth to a nonprofit food bank to claim a tax credit for the taxable year of the donation in the amount of 50 percent of the fair market value of such donation, not to exceed $10,000 for all such donations made by the person during such year.