Financial Donations
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Both Individuals & Organizations can support the Tri-State Food Bank
All gifts are tax-deductible to the extent allowed by law.
Donors may be in a position to benefit from certain federal and state tax deductions allowed for contributions of inventory to qualified charitable recipients such as Tri-State Food Bank. If the fair market value of donated goods exceeds their cost basis, the deduction may include a portion of such excess. At a minimum, donors are assured of a deduction for the full cost basis of contributed inventory and any costs associated with the donation. The above information should serve only as a guideline concerning charitable deductions for product donations. Companies are urged to consult corporate tax specialists concerning specific product donations, allowable deductions, and changes to the Tax Code.
Pension Protection Act of 2006 (Public Law 109-280), includes an extension of the special enhanced tax deduction for charitable food donations to all business taxpayers. Now the same tax deductions afforded C corporations for in-kind food donations have been extended to farmers, ranchers, restaurateurs and small business owners. The deduction, equal to the basis plus the fair market value appreciation, not to exceed twice the cost, will provide an estimated $250 million worth of new meals for hungry Americans over a 24-month period.
See overview from Hunger Action Center-The Good Samaritan Hunger Relief Tax Incentive Act
Your donation can make a huge difference...
- $ can provide food for 8 meals.
- $10 can provide 81 meals for homeless people.
- $25 can provide 129 can of soup to feed the hungry.
- $100 can provide food for 9 families of four for a week.
- $500 can provide over 2,631 pounds of fresh produce.
- $1000 can provide a semi-truckload of food for the hungry.