Tom Reed

HR.644 - Fighting Hunger Incentive Act Of 2015

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2/12/2015--Passed House amended. America Gives More Act of 2015

(Sec. 2) This bill amends the Internal Revenue Code to reinstate and make permanent the tax deduction for charitable contributions of food by any trade or business, regardless of whether the contributions are made by a C corporation. The food must be apparently wholesome food as defined by the Bill Emerson Good Samaritan Food Donation Act. The percentage limitation for such deduction for a taxpayer other than a C corporation is increased from 10% to 15% of the taxpayer's aggregate net income. For C corporations, the percentage limitation is 15% of taxable income. Allows a five-year carryover period for contribution amounts exceeding such percentage limitations. Taxpayers who do not account for inventories and are not required to capitalize indirect costs may elect, solely for computing the enhanced deduction for food inventory, to treat the basis of any apparently wholesome food as equal to 25% the fair market value of such food. The bill sets forth a rule to determine the fair market value of contributions of apparently wholesome food that cannot or will not be sold.

(Sec. 3) The exclusion from gross income of distributions from individual retirement accounts for charitable purposes is maDe permanent.

(Sec. 4) The tax deduction for charitable contributions by individuals and corporations of real property interests for conservation purposes is made permanent for taxable years beginning after 2014. A tax deduction is allowed for conservation contributions of land conveyed under the Alaska Claims Settlement AcT by Native Corporations.

(Sec. 5) The excise tax rate on the net investment income of tax-exempt private foundations is reduced from 2% to 1% and the 1% reduction in such tax rate for private foundations that meet certain dIstribution requirements is repealed.

(Sec. 6) Excludes the budgetary effects of this Act from PAYGO scorecards under the Statutory Pay-As-You-Go Act of 2010.

Read The Second Time. Placed On Senate Legislative Calendar Under General Orders. Calendar No. 56.
April 20th 2015 @ 12:00 AM

Read The First Time. Placed On Senate Legislative Calendar Under Read The First Time.
April 16th 2015 @ 12:00 AM

Received In The Senate.
February 23rd 2015 @ 12:00 AM

Motion To Reconsider Laid On The Table Agreed To Without Objection.
February 12th 2015 @ 5:09 PM

On Passage Passed By The Yeas And Nays: 279 - 137 (roll No. 80).
February 12th 2015 @ 5:09 PM

On Motion To Recommit With Instructions Failed By The Yeas And Nays: 168 - 245 (roll No. 79).
February 12th 2015 @ 5:00 PM

The Previous Question On The Motion To Recommit With Instructions Was Ordered Without Objection.
February 12th 2015 @ 4:34 PM

Debate - The House Proceeded With 10 Minutes Of Debate On The Motion To Recommit With Instructions, Pending The Reservation Of A Point Of Order. The Instructions Contained In The Motion Seek To Require The Bill To Be Reported Back To The House With An Amendment That Adds 3 New Sections To The Bill. The Point Of Order Was Subsequently Withdrawn.
February 12th 2015 @ 4:24 PM

Mr. Neal Moved To Recommit With Instructions To The Committee On Ways And Means.
February 12th 2015 @ 4:24 PM

The Previous Question Was Ordered Pursuant To The Rule.
February 12th 2015 @ 4:23 PM

Debate - The House Proceeded With 90 Minutes Of Debate On H.r. 644.
February 12th 2015 @ 2:42 PM

The Resolution Provides For Consideration Of Both H.r. 644 And H.r. 636 Under Closed Rules.
February 12th 2015 @ 2:41 PM

Considered Under The Provisions Of Rule H. Res. 101.
February 12th 2015 @ 2:41 PM

Rules Committee Resolution H. Res. 101 Reported To House. The Resolution Provides For Consideration Of Both H.r. 644 And H.r. 636 Under Closed Rules.
February 10th 2015 @ 7:20 PM

Placed On The Union Calendar, Calendar No. 12.
February 9th 2015 @ 1:41 PM

Reported (amended) By The Committee On Ways And Means. H. Rept. 114-18.
February 9th 2015 @ 1:41 PM

Ordered To Be Reported (amended) By The Yeas And Nays: 22 - 14.
February 4th 2015 @ 12:00 AM

Referred To The House Committee On Ways And Means.
February 2nd 2015 @ 12:00 AM

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