A bill to amend the Internal Revenue Code of 1986 to exclude micro-grants for food security from gross income.

Bill: 118-s-2352
Sponsor: full_name: Sen. Murkowski, Lisa [R-AK]
Introduced: 2023-07-18
Policy area: Taxation
Latest action: action_date: 2023-07-18
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2023-07-18
action_desc: Introduced in Senate
text: <p>This bill excludes from gross income, for income tax purposes, any micro-grant for food security received by an eligible entity under the Agricultural Improvement Act of 2018 (i.e., an individual, Indian tribe, nonprofit organization engaged in increasing food security, or a federally-funded educational facility). </p>

tv_txt: II 118th CONGRESS 1st Session S. 2352 IN THE SENATE OF THE UNITED STATES July 18, 2023 Ms. Murkowski introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to exclude micro-grants for food security from gross income.

1. Micro-grants for food security excluded from gross income (a) In general Part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 139I the following new subsection: 139J. Micro-grants for food security (a) In general In the case of an eligible entity (as defined in subsection (b)(1) of section 4206 of the Agriculture Improvement Act of 2018 ( 7 U.S.C. 7518 )), gross income shall not include any subgrant or other financial assistance received by such eligible entity under such section of such Act. . (b) Clerical amendment The table of sections for part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after the item related to section 139I the following new item: Sec. 139J. Micro-grants for food security. . (c) Effective date The amendments made by this section shall apply to amounts received in taxable years beginning after the date of enactment of this Act.