HB 5628 Summary

• Establishes a tax credit for taxpayers donating cash and food items to shelters for homeless persons, food kitchens, food banks, and certified community foundations for tax years beginning after December 31, 2013.

• Credits 50% of total donations (cash plus matched food items) with limits of $100 per individual or $200 for joint returns for community foundations, and $100/$200 for other qualifying entities.

• Resident estates and trusts may claim credits up to the lesser of 10% of tax liability or $5,000, with the donated amount not previously deducted from federal taxable income.

• Defines "community foundation" with detailed certification requirements including 501(c)(3) status, minimum $100,000 endowment within 18 months of establishment, independent governance, at least one employee, and annual financial audits for foundations with endowments of $1,000,000 or more.

• Makes credits nonrefundable and requires the Department to report annually to legislative committees on total credits claimed under this section.