RI H7698

Creates a tax credit equal to 75% of the fair market value of donated "apparently wholesome food," capped at $5,000 per tax year, effective January 1, 2027

Eligible donors include corporations, partnerships, food producers, grocers, wholesalers, hotels, restaurants, caterers, farmers, and hospitals that donate to 501(c)(3) nonprofit organizations

Donated food must be used to provide food to the needy, and if sold by the nonprofit, must be provided at no cost or at a "Good Samaritan reduced price" covering only handling and distribution costs

Unused credits may be carried forward for up to five succeeding tax years; credits for partnerships, LLCs, and S corporations are allocated proportionally to owners

Division of Taxation must report annually to the General Assembly on credits generated, credits claimed, and number of taxpayers using the credit