Menu
Tax Notes logo
HOMETax Notes ResearchFederalLegislative Documentscongressional joint committee prints

JCT Estimates Food Donation Amendment Would Cost $2.2 Billion

FEB. 3, 2015

JCX-5-15

DATED FEB. 3, 2015
DOCUMENT ATTRIBUTES
Citations: JCX-5-15

 

JOINT COMMITTEE ON TAXATION

 

February 3, 2015

 

JCX-5-15

 

 

The Chairman's amendment in the nature of a substitute modifies H.R. 644. The amendment replaces "5 succeeding years" with "5 succeeding taxable years" in describing the carryover rules for excess contributions (subsection 170(e)(3)(C)(iii)(I) of the Code, as added by the proposal). The amendment also clarifies the effective date of the proposal by providing that: (1) in general, the proposal is effective for contributions made after the date of enactment, in taxable years ending after such date; and (2) the increase in the percentage limit to 15 percent for food inventory contributions by C corporations and the related carryover and coordination rules for such contributions are effective for contributions made in taxable years ending after the date of enactment.

The following presents the estimated Federal fiscal year budget effects of the Chairman's amendment.

                             Fiscal Years

 

                         [Millions of Dollars]

 

 _____________________________________________________________________

 

 

      2015     2016     2017     2018        2019        2020     2021

 

 _____________________________________________________________________

 

 

       -59     -160     -195     -202        -209        -216     -223

 

 

      2022     2023     2024     2025     2015-20     2015-25

 

 _____________________________________________________________________

 

 

      -231     -239     -248     -256      -1,041      -2,239

 

 _____________________________________________________________________

 

 

 NOTE: Details do not add to totals due to rounding.
DOCUMENT ATTRIBUTES
Copy RID