Bill > SB353

This bill extends an existing tax credit for food donations by qualified taxpayers to California food banks. Specifically, the bill allows agricultural producers, growers, and processors (but not retailers) to claim a tax credit equal to 15% of the wholesale value of donated food items, which include fresh fruits and vegetables, meats, poultry, eggs, fish, rice, beans, canned and processed foods, dairy products, and other specified food items. The tax credit, which was previously set to expire on January 1, 2027, would now be available for donations made before January 1, 2032. The bill also requires the Franchise Tax Board to continue reporting to the Legislature about the credit's utilization, extending the reporting requirement from December 1, 2026, to December 1, 2035. The credit can be carried forward for up to six subsequent tax years if the credit amount exceeds the taxpayer's tax liability in the year of donation. The bill's purpose is to incentivize food donations to help address food insecurity by providing a financial benefit to agricultural producers who donate food to food banks, and it applies to both personal income tax and corporate tax filers.

Budget and Finance

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