Bill summaries are authored by CRS.

Shown Here:
Passed House amended (02/12/2015)

America Gives More Act of 2015

(Sec. 2) This bill amends the Internal Revenue Code to reinstate and make permanent the tax deduction for charitable contributions of food by any trade or business, regardless of whether the contributions are made by a C corporation. The food must be apparently wholesome food as defined by the Bill Emerson Good Samaritan Food Donation Act.

The percentage limitation for such deduction for a taxpayer other than a C corporation is increased from 10% to 15% of the taxpayer's aggregate net income. For C corporations, the percentage limitation is 15% of taxable income. Allows a five-year carryover period for contribution amounts exceeding such percentage limitations.

Taxpayers who do not account for inventories and are not required to capitalize indirect costs may elect, solely for computing the enhanced deduction for food inventory, to treat the basis of any apparently wholesome food as equal to 25% the fair market value of such food.

The bill sets forth a rule to determine the fair market value of contributions of apparently wholesome food that cannot or will not be sold.

(Sec. 3) The exclusion from gross income of distributions from individual retirement accounts for charitable purposes is made permanent.

(Sec. 4) The tax deduction for charitable contributions by individuals and corporations of real property interests for conservation purposes is made permanent for taxable years beginning after 2014.

A tax deduction is allowed for conservation contributions of land conveyed under the Alaska Claims Settlement Act by Native Corporations.

(Sec. 5) The excise tax rate on the net investment income of tax-exempt private foundations is reduced from 2% to 1% and the 1% reduction in such tax rate for private foundations that meet certain distribution requirements is repealed.

(Sec. 6) Excludes the budgetary effects of this Act from PAYGO scorecards under the Statutory Pay-As-You-Go Act of 2010.