1. Short title
This Act may be cited as the “America Gives More Act of 2014”.
America Gives More Act of 2014
AN ACT
To amend the Internal Revenue Code of 1986 to permanently extend and expand the charitable deduction for contributions of food inventory.
2. Extension and expansion of charitable deduction for contributions of food inventory
Permanent extension— Section 170(e)(3)(C) of the Internal Revenue Code of 1986 is amended by striking clause (iv).
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)(D)).
“(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).”
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,”
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).”
Effective Date—
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.
Limitation; applicability to C corporations— The amendments made by subsection (b) shall apply to contributions made in taxable years beginning after December 31, 2013.
3. Rule allowing certain tax-free distributions from individual retirements accounts for charitable purposes made permanent
In general— Section 408(d)(8) of the Internal Revenue Code of 1986 is amended by striking subparagraph (F).
Effective date— The amendment made by this section shall apply to distributions made in taxable years beginning after December 31, 2013.
4. Special rule for qualified conservation contributions modified and made permanent
Made permanent—
Individuals— Subparagraph (E) of section 170(b)(1) of the Internal Revenue Code of 1986 is amended by striking clause (vi).
Corporations— Subparagraph (B) of section 170(b)(2) of such Code is amended by striking clause (iii).
Contributions of capital gain real property made for conservation purposes by Native Corporations—
In general— Paragraph (2) of section 170(b) of the Internal Revenue Code of 1986 is amended by redesignating subparagraph (C) as subparagraph (D), and by inserting after subparagraph (B) the following new subparagraph:
“(C) Qualified conservation contributions by certain Native Corporations
“(i) In general—Any qualified conservation contribution (as defined in subsection (h)(1)) which—
“(I) is made by a Native Corporation, and
“(II) is a contribution of property which was land conveyed under the Alaska Native Claims Settlement Act,
“(ii) Carryover—If the aggregate amount of contributions described in clause (i) exceeds the limitation of clause (i), such excess shall be treated (in a manner consistent with the rules of subsection (d)(2)) as a charitable contribution to which clause (i) applies in each of the 15 succeeding years in order of time.
“(iii) Native Corporation—For purposes of this subparagraph, the term Native Corporation has the meaning given such term by section 3(m) of the Alaska Native Claims Settlement Act.”
Conforming amendment— Section 170(b)(2)(A) of such Code is amended by striking “subparagraph (B) applies” and inserting “subparagraph (B) or (C) applies”.
Valid existing rights preserved— Nothing in this subsection (or any amendment made by this subsection) shall be construed to modify the existing property rights validly conveyed to Native Corporations (within the meaning of section 3(m) of the Alaska Native Claims Settlement Act) under such Act.
Effective date— The amendments made by this section shall apply to contributions made in taxable years beginning after December 31, 2013.
5. Extension of time for making charitable contributions
In general— Subsection (a) of section 170 of the Internal Revenue Code of 1986 is amended by redesignating paragraphs (2) and (3) as paragraphs (3) and (4), respectively, and by inserting after paragraph (1) the following new paragraph:
“(2) Treatment of charitable contributions made by individuals before due date of return—If any charitable contribution is made by an individual after the close of a taxable year but not later than the due date (determined without regard to extensions) for the return of tax for such taxable year, then the taxpayer may elect to treat such charitable contribution as made in such taxable year. Such election shall be made at such time and in such manner as the Secretary may provide. For purposes of this paragraph, an individual’s distributive share of a partnership’s charitable contribution, and an individual’s pro rata share of an S corporation’s charitable contribution, shall not be treated as charitable contributions made by such individual.”
Effective date— The amendments made by this section shall apply to elections made with respect to taxable years beginning after December 31, 2013.
6. Modification of the tax rate for the excise tax on investment income of private foundations
In general— Section 4940(a) of the Internal Revenue Code of 1986 is amended by striking “2 percent” and inserting “1 percent”.
Elimination of reduced tax where foundation meets certain distribution requirements— Section 4940 of such Code is amended by striking subsection (e).
Effective date— The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.
7. Budgetary effects
Statutory Pay-As-You-Go Scorecards— The budgetary effects of this Act shall not be entered on either PAYGO scorecard maintained pursuant to section 4(d) of the Statutory Pay-As-You-Go Act of 2010.
Senate PAYGO Scorecards— The budgetary effects of this Act shall not be entered on any PAYGO scorecard maintained for purposes of section 201 of S. Con. Res. 21 (110th Congress).