> Federal Tax Incentives For Food Donations
Federal Tax Incentives For Food Donations
| Federal tax incentives make food donation cost less for businesses. These tax incentives have been extraordinarily successful in motivating food donation. Prior to 2015, federal tax incentives for food donations were limited to C-corporations. After the incentives were temporarily expanded to cover more businesses in 2005, food donations across the country rose by 137% in 2006. Congress subsequently made the expansion permanent in 2015, providing all businesses with added incentive to increase food donations and prevent food waste. While some states have enacted state-level tax incentives, Connecticut has no such state-level policy. Therefore, Connecticut businesses are only eligible for federal tax incentives, which are available in the form of general and enhanced tax deductions. The attached guides will discuss both types of deductions. |