November 15, 2007
Bill Would Extend Tax Breaks for Gifts of Food
Congress is considering legislation that would make permanent a tax deduction for businesses that donate their surplus food to charity.
The deduction, which expires at the end of the year, allows businesses to write off the cost of donated food, plus one-half the profit they would have made had the product been sold. The temporary deduction was part of the Pension Protection Act of 2006.
Rep. Sander Levin, a Michigan Democrat and the sponsor of the bill, said the deduction
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