America Gives More Act of 2014

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.
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