America Gives More Act of 2014 - Amends the Internal Revenue Code to: (1) make permanent the enhanced tax deduction for charitable contributions of food inventory; (2) increase from 10% to 15% of the aggregate net income of taxpayers other than C corporations the amount of deductible food inventory contributions which such taxpayers may make in any taxable year (for a C corporation, 15% of its taxable income); (3) permit a taxpayer who is not required to account for inventories or capitalize indirect costs, to elect, solely for purposes of computing the amount of the deduction, to treat the basis of any apparently wholesome food (as defined in the Bill Emerson Good Samaritan Food Donation Act) as equal to 25% of the fair market value of such food; and (4) set forth a formula for determining the fair market value of such food.
Makes permanent: (1) tax-free distributions from individual retirement accounts (IRAs) for charitable purposes, and (2) the tax deduction for charitable contributions by individuals and corporations of real property interests for conservation purposes.
Allows taxpayers to treat a charitable contribution made after the close of the taxable year but before the due date of the tax return as being made in such taxable year.
Reduces from 2% to 1% the excise tax rate on the net investment income of tax-exempt private foundations. Repeals the 1% reduction in such tax rate for private foundations that meet certain distribution requirements.
Prohibits the entry of the budgetary effects of this Act on any PAYGO (pay-as-you-go) scorecard.
[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4719 Introduced in House (IH)]
113th CONGRESS
2d Session
H. R. 4719
To amend the Internal Revenue Code of 1986 to permanently extend and
expand the charitable deduction for contributions of food inventory.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
May 22, 2014
Mr. Reed (for himself and Mr. Gerlach) introduced the following bill;
which was referred to the Committee on Ways and Means
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to permanently extend and
expand the charitable deduction for contributions of food inventory.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Fighting Hunger Incentive Act of
2014''.
SEC. 2. EXTENSION AND EXPANSION OF CHARITABLE DEDUCTION FOR
CONTRIBUTIONS OF FOOD INVENTORY.
(a) Permanent Extension.--Section 170(e)(3)(C) of the Internal
Revenue Code of 1986 is amended by striking clause (iv).
(b) Increase in Limitation.--Section 170(e)(3)(C) of such Code, as
amended by subsection (a), is amended by striking clause (ii), by
redesignating clause (iii) as clause (iv), and by inserting after
clause (i) the following new clause:
``(ii) Limitation.--The aggregate amount of
such contributions for any taxable year which
may be taken into account under this section
shall not exceed--
``(I) in the case of any taxpayer
other than a C corporation, 15 percent
of the taxpayer's aggregate net income
for such taxable year from all trades
or businesses from which such
contributions were made for such year,
computed without regard to this
section, and
``(II) in the case of a C
corporation, 15 percent of taxable
income (as defined in subsection
(b)(2)(C)).
``(iii) Rules related to limitation.--
``(I) Carryover.--If such aggregate
amount exceeds the limitation imposed
under clause (ii), such excess shall be
treated (in a manner consistent with
the rules of subsection (d)) as a
charitable contribution described in
clause (i) in each of the 5 succeeding
years in order of time.
``(II) Coordination with overall
corporate limitation.--In the case of
any charitable contribution allowable
under clause (ii), subsection (b)(2)
shall not apply to such contribution,
but the limitation imposed by such
subsection shall be reduced (but not
below zero) by the aggregate amount of
such contributions. For purposes of
subsection (b)(2)(B), such
contributions shall be treated as
allowable under subsection
(b)(2)(A).''.
(c) Determination of Basis for Taxpayers Other Than C
Corporations.--Section 170(e)(3)(C) of such Code, as amended by
subsections (a) and (b), is amended by adding at the end the following
new clause:
``(v) Determination of basis for taxpayers
other than c corporations.--If a taxpayer--
``(I) does not account for
inventories under section 471, and
``(II) is not required to
capitalize indirect costs under section
263A,
the taxpayer may elect, solely for purposes of
subparagraph (B), to treat the basis of any
apparently wholesome food as being equal to 25
percent of the fair market value of such
food.''.
(d) Determination of Fair Market Value.--Section 170(e)(3)(C) of
such Code, as amended by subsections (a), (b), and (c), is amended by
adding at the end the following new clause:
``(vi) Determination of fair market
value.--In the case of any such contribution of
apparently wholesome food which cannot or will
not be sold solely by reason of internal
standards of the taxpayer, lack of market, or
similar circumstances, or by reason of being
produced by the taxpayer exclusively for the
purposes of transferring the food to an
organization described in subparagraph (A), the
fair market value of such contribution shall be
determined--
``(I) without regard to such
internal standards, such lack of
market, such circumstances, or such
exclusive purpose, and
``(II) by taking into account the
price at which the same or
substantially the same food items (as
to both type and quality) are sold by
the taxpayer at the time of the
contribution (or, if not so sold at
such time, in the recent past).''.
(e) Effective Date.--The amendments made by this section shall
apply to contributions made after December 31, 2013, in taxable years
ending after such date.
<all>
Committee Consideration and Mark-up Session Held.
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 23 - 13.
Reported (Amended) by the Committee on Ways and Means. H. Rept. 113-498.
Reported (Amended) by the Committee on Ways and Means. H. Rept. 113-498.
Placed on the Union Calendar, Calendar No. 371.
Rules Committee Resolution H. Res. 670 Reported to House. Rule provides for consideration of H.R. 4719 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. The rule provides that the amendment in the nature of a substitute consisting of the text of Rules Committee Print 113-51 shall be considered as adopted and the bill, as amended, shall be considered as read.
Rule H. Res. 670 passed House.
Considered under the provisions of rule H. Res. 670. (consideration: CR H6364-6378)
Rule provides for consideration of H.R. 4719 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. The rule provides that the amendment in the nature of a substitute consisting of the text of Rules Committee Print 113-51 shall be considered as adopted and the bill, as amended, shall be considered as read.
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DEBATE - The House proceeded with one hour of debate on H.R. 4719.
The previous question was ordered pursuant to the rule. (consideration: CR H6375)
Mr. Van Hollen moved to recommit with instructions to the Committee on Ways and Means. (consideration: CR H6375-6378; text: CR H6375-6376)
DEBATE - The House proceeded with 10 minutes of debate on the Van Hollen motion to recommit with instructions pending a reseravation of a point of order. The instructions contained in the motion seek to require the bill to be reported to the House with an amendment to extend the three existing charitable tax extenders and two new charitable tax provisions in the underlying bill for only two additional years, through the end of 2015, as opposed to the permanent extension costing $16 billion in the underlying bill. It would prevent these five tax cuts from permanently adding to the deficit, undermining comprehensive tax reform, and putting further pressure on the United States discretionary priorities. Additionally, the motion would deny any claiming of these five charitable tax provisions by inverted corporations that change their residence from the United States in order to avoid paying U.S. taxes. Subsequently, the point of order was withdrawn.
The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H6377)
On motion to recommit with instructions Failed by the Yeas and Nays: 185 - 227 (Roll no. 431). (consideration: CR H6377-4378)
Roll Call #431 (House)Passed/agreed to in House: On passage Passed by the Yeas and Nays: 277 - 130 (Roll no. 432).(text: CR H6364-6365)
Roll Call #432 (House)Motion to reconsider laid on the table Agreed to without objection.
On passage Passed by the Yeas and Nays: 277 - 130 (Roll no. 432). (text: CR H6364-6365)
Roll Call #432 (House)Received in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 477.