America Gives More Act of 2014

To amend the Internal Revenue Code of 1986 to permanently extend and expand the charitable deduction for contributions of food inventory. 1. Short title This Act may be cited as the Fighting Hunger Incentive Act of 2014 2. Extension and expansion of charitable deduction for contributions of food inventory (a) Permanent extension Section 170(e)(3)(C) (b) Increase in limitation Section 170(e)(3)(C) of such Code, as amended by subsection (a), is amended by striking clause (ii), by redesignating clause (iii) as clause (iv), and by inserting after clause (i) the following new clauses: (ii) Limitation The aggregate amount of such contributions for any taxable year which may be taken into account under this section shall not exceed— (I) in the case of any taxpayer other than a C corporation, 15 percent of the taxpayer’s aggregate net income for such taxable year from all trades or businesses from which such contributions were made for such year, computed without regard to this section, and (II) in the case of a C corporation, 15 percent of taxable income (as defined in subsection (b)(2)(C)). (iii) Rules related to limitation (I) Carryover If such aggregate amount exceeds the limitation imposed under clause (ii), such excess shall be treated (in a manner consistent with the rules of subsection (d)) as a charitable contribution described in clause (i) in each of the 5 succeeding years in order of time. (II) Coordination with overall corporate limitation In the case of any charitable contribution allowable under clause (ii)(II), subsection (b)(2)(A) shall not apply to such contribution, but the limitation imposed by such subsection shall be reduced (but not below zero) by the aggregate amount of such contributions. For purposes of subsection (b)(2)(B), such contributions shall be treated as allowable under subsection (b)(2)(A). . (c) Determination of basis for certain taxpayers Section 170(e)(3)(C) of such Code, as amended by subsections (a) and (b), is amended by adding at the end the following new clause: (v) Determination of basis for certain taxpayers If a taxpayer— (I) does not account for inventories under section 471, and (II) is not required to capitalize indirect costs under section 263A, the taxpayer may elect, solely for purposes of subparagraph (B), to treat the basis of any apparently wholesome food as being equal to 25 percent of the fair market value of such food. . (d) Determination of fair market value Section 170(e)(3)(C) of such Code, as amended by subsections (a), (b), and (c), is amended by adding at the end the following new clause: (vi) Determination of fair market value In the case of any such contribution of apparently wholesome food which cannot or will not be sold solely by reason of internal standards of the taxpayer, lack of market, or similar circumstances, or by reason of being produced by the taxpayer exclusively for the purposes of transferring the food to an organization described in subparagraph (A), the fair market value of such contribution shall be determined— (I) without regard to such internal standards, such lack of market, such circumstances, or such exclusive purpose, and (II) by taking into account the price at which the same or substantially the same food items (as to both type and quality) are sold by the taxpayer at the time of the contribution (or, if not so sold at such time, in the recent past). . (e) Effective Date (1) In general Except as otherwise provided in this subsection, the amendments made by this section shall apply to contributions made after December 31, 2013, in taxable years ending after such date. (2) Limitation; applicability to C corporations The amendments made by subsection (b) shall apply to contributions made in taxable years beginning after December 31, 2013. June 26, 2014 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed

Summary: America Gives More Act of 2014 - Amends the Internal Revenue Code to: (1) make permanent the enhanced tax deduction for charitable contributions of food inventory; (2) increase from 10% to 15% of the aggregate net income of taxpayers other than C corporations the amount of deductible food inventory contributions which such taxpayers may make in any taxable year (for a C corporation, 15% of its taxable income); (3) permit a taxpayer who is not required to account for inventories or capitalize indirect costs, to elect, solely for purposes of computing the amount of the deduction, to treat the basis of any apparently wholesome food (as defined in the Bill Emerson Good Samaritan Food Donation Act) as equal to 25% of the fair market value of such food; and (4) set forth a formula for determining the fair market value of such food. Makes permanent: (1) tax-free distributions from individual retirement accounts (IRAs) for charitable purposes, and (2) the tax deduction for charitable contributions by individuals and corporations of real property interests for conservation purposes. Allows taxpayers to treat a charitable contribution made after the close of the taxable year but before the due date of the tax return as being made in such taxable year. Reduces from 2% to 1% the excise tax rate on the net investment income of tax-exempt private foundations. Repeals the 1% reduction in such tax rate for private foundations that meet certain distribution requirements. Prohibits the entry of the budgetary effects of this Act on any PAYGO (pay-as-you-go) scorecard.