Emergency Economic Stabilization Act of 2008
Enhanced
tax deductions to provide up to 78 million additional meals for AmericaR=
17;s
hungry
On October 3, 2008, President Bush signed into =
law
the Emergency Economic Stabilization Act of 2008 (Public Law 110-343). The new law includes an enhanced t=
ax
deduction for all business taxpayers that could provide up to 78 million
additional meals for hungry Americans over the next two years.
This represents a major victory for The Food Ba=
nk
of Eastern Michigan, a member of Feeding America (formerly named
America’s Second Harvest), food donors and the nearly 400,000 hungry
people we serve in our community. &nb=
sp;
Included in the new law are charitable tax
extenders that will make it easier for farmers, grocers, franchisees,
restaurateurs and other small business taxpayers to donate food to food ban=
ks
nationwide, including the Food Bank of Eastern Michigan and to our partner
agencies. The law extends the special enhanced tax
deduction for food donations that already existed for C corporations to all
business taxpayers from Jan. 1, 2008 to Dec. 31, 2009. As a result, the law will be retro=
active
and available for product donations already made to food banks and other
charitable hunger-relief organizations this year.
The new statute also allows encourages food
donations by providing qualified ranchers and farmers to deduct more than 10
percent of their income for the 2008 calendar year if they donate food that=
is
worth more than that amount. Traditionally, business taxpayers have o=
nly
been allowed to donate up to10 percent of their income. Rising food prices and the weak eco=
nomy
have negatively impacted many individuals and families in our community,
forcing them to seek emergency food assistance. This additional tax incentive will=
help
farmers and ranchers who would like to donate more to the Food Bank of East=
ern
Michigan and to our partner agencies to help meet the need.
For more information, please download a brief
summary of the new tax incentives enacted to help food banks and the needy
people they serve.
http://www.fbem.org/pages/=
NewTax08.aspx
If you have questions about the enhanced tax
deduction, please contact Feeding America representatives: Eleanor Thompson at (312)
641-6706 or Carrie Calvert at
(202) 546-7001.
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