Bill > SB353

This bill extends and modifies an existing tax credit program that encourages agricultural producers and processors to donate food to California food banks. Currently, qualified taxpayers can receive a tax credit equal to 15% of the value of fresh produce, meat, dairy, grains, and other food items they donate to food banks. The bill would make this tax credit available indefinitely, whereas previously it was set to expire in 2027. Additionally, the bill extends the Franchise Tax Board's reporting requirement to December 1, 2035, which means the board must continue to submit annual reports to the Legislature detailing the utilization of the tax credit, including information such as the value of donated items, the county of origin, and the month of donation. The credit can be claimed by individuals responsible for growing, harvesting, or processing agricultural products, but not retailers, and can be carried forward for up to seven years if the credit exceeds the taxpayer's current tax liability. The underlying goal of the legislation is to incentivize food donations and help address food insecurity by providing a financial benefit to those who contribute food to food banks.

Budget and Finance

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202520260SB353