CO HB1119

Creates a 25% income tax credit for taxpayers who donate food to hunger-relief charitable organizations, capped at $5,000 per year, for tax years 2015-2019.

Eligible food contributions include livestock, big game processed at USDA-certified facilities, eggs, milk, and agricultural crops such as grains, fruits, and vegetables.

Food banks must issue credit certificates to taxpayers documenting the donation, and the credit value is based on either the wholesale market price or most recent sale price of the donated food.

Taxpayers cannot claim both this tax credit and a separate charitable contribution deduction for the same food donation to prevent double-benefits.

Unused credits can be carried forward and applied against income taxes for up to five succeeding tax years, and the entire provision expires January 1, 2025.