As thousands of Virginia families grapple with food insecurity, the state could soon renew and expand tax credits for farmers who donate surplus crops to nonprofit food banks under a bill sent to Gov. Glenn Youngkin’s desk this session.
Before the close of this year’s legislative session, lawmakers passed a bill that would allow farmers who donate food crops or “wholesome food” to a nonprofit food bank in the commonwealth to claim a tax credit equal to 50% of the fair market value of such donation. In total, each farmer could claim a maximum of $10,000 in tax credits for donations starting in the 2023 tax year. The bill has a sunset date of Jan. 1, 2028.Read More