H.F. 2314 Summary

• Creates a 20 percent tax credit for qualifying restaurants that donate prepared food to charitable organizations, effective for taxable years beginning after December 31, 2015.

• Defines "prepared food" as food meeting federal, state, and local quality and labeling standards, including cooked/heated food, mixed ingredients, and food for human consumption regardless of appearance or marketability.

• Limits credit eligibility to restaurants operated for profit with an on-site kitchen that derives at least 70 percent of gross receipts from prepared food sales.

• Credit is nonrefundable and cannot exceed the taxpayer's tax liability or be carried forward to future tax years.

• Amends Minnesota income tax statutes to allow qualifying restaurants to deduct charitable food contributions from federal taxable income when claiming this credit.