Enhanced Tax Deductions for AlL Business TAXPAYERS TO PROVIDE UP TO 78 Million ADDITIONAL meals FOR AMERICA’S HUNGRY
A Statement from Emily Weikert Bryant, Executive Director of Feeding Indiana’s Hungry
Indianapolis, IN December 21, 2010— “The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, recently signed into law, includes a tax incentive for private sector food donations to charities through 2011 and could provide up to 78 million additional meals for hungry American’s over the next two years. This represents a major victory for the eleven member food banks of Feeding Indiana’s Hungry, food donors and the nearly 700,000 Hoosiers served by our food banks around the state.
At a time when many food banks across the country are most in need of donations, Congress renewed a critical provision that allows all business entities—including farms, small businesses, and restaurants—to continue to receive a tax incentive to help fight hunger in their communities. Before this renewal, only C corporations, generally larger companies, were eligible for the enhanced deduction for donations of food. The new law means that through 2011 and retroactive to the start of 2010, small businesses, retailers, farmers, ranchers and restaurateurs have a new incentive to donate food for hunger relief. This is a big step forward to help ensure that the member food banks of Feeding Indiana’s Hungry have adequate food available to meet the growing need for assistance.
On behalf of Feeding Indiana’s Hungry and all of our supporters, I am extremely grateful that Congress recognized the challenges faced by food banks and the growing number of people who need food during the current economic crisis.”