LD 262 LR 658(02)
An Act To Combat Hunger by Creating a Tax Credit of 10 Percent of Wholesale Market Prices up to $5,000 Annually for Businesses Engaged in Food Production for Donations of Food to Tax-exempt Organizations
Fiscal Note for Bill as Amended by Committee Amendment " "
Committee: Taxation
Fiscal Note Required: Yes
Fiscal Note
FY 2021-22 FY 2022-23 Projections  FY 2023-24 Projections  FY 2024-25
Net Cost (Savings)
General Fund $0 $81,125 $47,500 $47,500
General Fund $0 $33,000 $0 $0
General Fund $0 ($48,125) ($47,500) ($47,500)
Other Special Revenue Funds $0 ($1,875) ($2,500) ($2,500)
Fiscal Detail and Notes
This bill provides an income tax credit for businesses engaged in food production for donations and will result in a reduction in General Fund revenue of $48,125 in fiscal year 2022-23 and a reduction in Local Government Fund revenue of $1,875 in fiscal year 2022-23.  The bill includes a one-time General Fund appropriation of $33,000 in fiscal year 2022-23 to the Department of Administrative and Financial Services for computer programming to add lines to the individual, fiduciary and corporate income tax returns.