CT HB05886

Allows a tax credit against income tax (chapters 208 and 229) for agricultural food commodities (fruits, vegetables, dairy, eggs, poultry, meat) grown or produced by the taxpayer and donated to state food banks or emergency feeding organizations.

Credit amount equals 15 percent of the market value of donated products or $5,000, whichever is less, for each income year.

Unused credits may be carried forward for up to five succeeding income years until fully claimed.

Shareholders or partners of S corporations and partnerships may claim the credit; single-member LLCs disregarded as separate entities may have their owner claim the credit.

Taxpayers cannot donate food that has been embargoed, ordered destroyed, is adulterated, or is unfit for human consumption, and cannot receive payment or remuneration for donations made under this act.