Bill > S09193

This bill, by amending tax law, increases tax credits for farmers who donate to food pantries, making these donations more financially beneficial for agricultural producers. Specifically, it doubles the allowable percentage of the fair market value of qualified donations that farmers can claim as a credit against their taxes, from twenty-five percent to fifty percent. Additionally, it doubles the maximum credit a farmer can receive annually, raising it from five thousand dollars to ten thousand dollars. These enhanced tax credits are intended to encourage more farmers to contribute to food pantries, with the changes applying to taxable years beginning on or after January 1, 2028, and the act taking effect immediately.