Better Tax Deductions for Donating Food Transport and Storage Equipment.
This law changes tax rules to give businesses and individuals better deductions when donating vehicles and equipment (like freezers and trucks) to food banks and charities. The goal is to encourage more substantial donations, helping non-profit organizations improve their capacity to store and deliver meals to communities in need. This directly strengthens the infrastructure of organizations fighting hunger.
Key points
Enhanced Tax Treatment: Donations of functional food storage equipment (industrial refrigerators, shelving) and transportation vehicles (delivery vans, trucks) now qualify for enhanced tax deductions, similar to food inventory donations.
Deduction Limit: Taxpayers can elect a deduction reduction no greater than 25% of the fair market value of the donated equipment, making the deduction more valuable.
Support for Food Security: The change aims to strengthen the infrastructure of food assistance organizations, leading to more efficient distribution of food to vulnerable populations.
Effective Date: The new rules apply to tax years beginning after December 31, 2024.
Expired
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