Rep. Tom Reed (R-Corning), has been a long-time supporter of the Keystone XL Pipeline legislation, saying it will create jobs and assist with manufacturing growth in the United States.
WASHINGTON – Congressman Tom Reed wants to increase the amount of tax breaks a person person or business would receive when donating to a local food bank.
On Wednesday, the House Ways and Means Committee passed Reed’s (NY-23) Fighting Hunger Incentive Tax Act, which incentivizes excess food donations to those that need it most.
According to a statement sent out by Reed’s office, nearly 70 billion pounds of unspoiled food is thrown away each year, instead of going to community food pantries to help feed to poor. He says that his bill will help to redirect some of that excess food to local charities and food banks.
According to Reed, the bill helps offset the additional costs of packing and transporting the food for donation and it also provides a critical source of donated inventory for charitable organizations.
Under current law, people who donate food can write-off up to 10 percent of the total value from their federal taxes. Under Congressman Reed’s proposal, that would increase to 15 percent. If the bill were to become law, it would create an estimated tax savings for donors of $59 million during the first year and more than $2.2 billion over a ten-year period.
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