Bill > HB2461

This bill modifies provisions related to the "Donated Food" food pantry tax credit by expanding eligibility to include donations made to food banks, which are defined as organizations exempt from federal taxation (under section 501(c)(3) of the Internal Revenue Code) that provide food to other hunger relief organizations within Missouri. The bill also adjusts the cumulative amount of tax credits available annually, increasing the cap for donations to local food pantries, soup kitchens, and homeless shelters from $1.75 million to $2.75 million for tax years beginning on or after January 1, 2026, and establishing a new $1.25 million cap specifically for donations to food banks starting the same year. Additionally, it extends the sunset date for the program from December 31, 2026, to December 31, 2032, and clarifies that taxpayers who face a credit denial due to the cumulative cap will not be liable for additional taxes, penalties, or interest if the outstanding balance is paid or payment arrangements are made within sixty days of notification.