A bill to amend the Internal Revenue Code of 1986 to exclude micro-grants for food security from gross income.
Sponsored By: Senator Murkowski, Lisa [R-AK]
Introduced
Summary
Excludes micro-grants for food security from taxable income. This bill would add Section 139M to the Internal Revenue Code so that subgrants or other financial assistance received by an eligible entity under section 4206 of the Agriculture Improvement Act of 2018 are not included in gross income. The bill also inserts the new section into the code's table of sections. The exclusion would apply to amounts received in taxable years beginning after the date of enactment.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Tax break for food security grants
This bill would let eligible organizations exclude micro-grants and other financial help they get under section 4206 of the Agriculture Improvement Act of 2018 from their gross income. Only entities that meet the "eligible entity" definition in subsection (b)(1) of section 4206 would qualify. The exclusion would apply to amounts received in taxable years beginning after the date of enactment. If enacted, eligible recipients would report lower taxable income and may owe less tax on those grant amounts.
Sponsors & CoSponsors
Sponsor
Murkowski, Lisa [R-AK]
AK • R
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov