Full Text of SB0279 102nd General Assembly
SB0279sam001 102ND GENERAL ASSEMBLY | Sen. Terri Bryant Filed: 3/24/2021
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| 1 | | AMENDMENT TO SENATE BILL 279
| 2 | | AMENDMENT NO. ______. Amend Senate Bill 279 by replacing | 3 | | everything after the enacting clause with the following:
| 4 | | "Section 5. The Illinois Income Tax Act is amended by | 5 | | adding Section 232 as follows: | 6 | | (35 ILCS 5/232 new) | 7 | | Sec. 232. Credit for food donations. | 8 | | (a) For taxable years beginning on or after January 1, | 9 | | 2022, there shall be allowed a credit against the tax imposed | 10 | | by subsections (a) and (b) of Section 201 of this Act to | 11 | | qualifying taxpayers that own and operate a qualifying small | 12 | | farm and make a qualifying food commodity donation to a food | 13 | | bank or emergency feeding organization. The credit shall be in | 14 | | an amount equal to the lesser of $5,000 or 15% of the value of | 15 | | the food commodity donated. The food bank or emergency feeding | 16 | | organization shall provide documentation to the taxpayer that |
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| 1 | | (i) sets forth the value of the food commodity donated and (ii) | 2 | | verifies that the donation meets the requirements of this | 3 | | Section; that documentation shall be attached to the | 4 | | taxpayer's State income tax return in the form and manner | 5 | | provided by the Department by rule. | 6 | | (b) For the purposes of this Section: | 7 | | "Emergency feeding organization" means a food pantry, | 8 | | soup kitchen, hunger relief center, or other food or | 9 | | feeding center that, as an integral part of its normal | 10 | | activities, provides meals or food to feed needy persons | 11 | | on a regular basis. | 12 | | "Food bank" means a public or charitable institution | 13 | | that maintains an established operation involving the | 14 | | provision of food or edible commodities, or the products | 15 | | of food or edible commodities, to emergency feeding | 16 | | organizations. | 17 | | "Qualifying food commodity" means food that meets all | 18 | | quality and labeling standards imposed by federal, State, | 19 | | and local laws and regulations, even though the food may | 20 | | not be readily marketable due to the appearance, age, | 21 | | freshness, grade, size, surplus, or other conditions. | 22 | | Qualifying food commodity does not mean food that is | 23 | | damaged, out of condition, or unfit for human consumption. | 24 | | "Qualifying small farm" means a small family farm, | 25 | | rural-residence family farm, or intermediate family farms, | 26 | | as defined by the United States Department of |
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| 1 | | Agriculture's Economic Research Service, that has gross | 2 | | sales of less than $250,000 per year and is located in the | 3 | | State. | 4 | | "Qualifying taxpayer" means an Illinois resident who: | 5 | | (i) owns and operates a qualifying small farm in the | 6 | | State; (ii) produces the donated food commodity; and (iii) | 7 | | transfers ownership of the donated food commodity to an | 8 | | Illinois food bank or emergency feeding organization. | 9 | | (c) In no event shall a credit under this Section reduce a | 10 | | taxpayer's liability to less than zero. If the amount of the | 11 | | credit exceeds the tax liability for the year, the excess may | 12 | | be carried forward and applied to the tax liability for the 5 | 13 | | taxable years following the excess credit year. The tax credit | 14 | | shall be applied to the earliest year for which there is a tax | 15 | | liability. If there are credits for more than one year that are | 16 | | available to offset liability, the earliest credit shall be | 17 | | applied first. | 18 | | (d) For partners, shareholders of subchapter S | 19 | | corporations, and owners of limited liability companies, if | 20 | | the liability company is treated as a partnership for purposes | 21 | | of federal and State income taxation, there shall be allowed a | 22 | | credit under this Section to be determined in accordance with | 23 | | the determination of income and distributive share of income | 24 | | under Sections 702 and 704 and subchapter S of the Internal | 25 | | Revenue Code. | 26 | | (e) The Department shall adopt rules to implement the |
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| 1 | | provisions of this Section and may work with the United States | 2 | | Department of Agriculture or any other relevant agency to | 3 | | implement the provisions of this Section. | 4 | | (f) This Section is exempt from the provisions of Section | 5 | | 250.
| 6 | | Section 99. Effective date. This Act takes effect upon | 7 | | becoming law.".
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