Us Congress 2023-2024 Regular Session

Us Congress Senate Bill SB2352

Introduced
7/18/23  

Caption

A bill to amend the Internal Revenue Code of 1986 to exclude micro-grants for food security from gross income.

Impact

The implementation of this bill will facilitate greater financial support for entities focused on food security, as they will not be penalized through taxation on financial contributions they receive. By exempting these micro-grants from gross income, the bill encourages more donations and support for local food programs, potentially leading to increased resources being allocated to help those in need. The effective date of this exemption will apply to taxable years beginning after the enactment of the legislation, signaling immediate action towards enhancing food security efforts.

Summary

SB2352 aims to amend the Internal Revenue Code of 1986 by excluding micro-grants for food security from being considered gross income. This legislation is designed to benefit eligible entities that provide food security services, allowing them to receive financial assistance without it impacting their taxable income. This change is particularly relevant as it aligns with ongoing efforts to address food insecurity in various communities across the nation, emphasizing the need to support organizations that contribute to food security initiatives.

Contention

While the bill is largely focused on promoting food security, it may face scrutiny regarding the criteria for what constitutes an 'eligible entity'. Questions may arise about the implementation of this bill and whether certain organizations might disproportionately benefit from these exemptions. Additionally, there could be concerns regarding budget implications for the federal tax revenue, as excluding these grants from gross income may have broader financial consequences that need to be evaluated. Overall, these discussions could shape the reception of SB2352 among lawmakers and stakeholders.

Companion Bills

No companion bills found.

Previously Filed As

US HB5911

To amend the Internal Revenue Code of 1986 to exclude strike benefits from gross income.

US HB7418

To amend the Internal Revenue Code of 1986 to exclude from gross income certain compensation to clinical trial participants.

US HB7090

To amend the Internal Revenue Code of 1986 to exclude from gross income certain compensation to clinical trial participants.

US SB930

A bill to amend the Internal Revenue Code of 1986 to exclude from gross income capital gains from the sale of certain farmland property which are reinvested in individual retirement plans.

US HB3515

To amend the Internal Revenue Code of 1986 to exclude military bonuses from gross income.

US SB1856

A bill to amend the Internal Revenue Code of 1986 to exclude military bonuses from gross income.

US SB5566

A bill to amend the Internal Revenue Code of 1986 to exclude from gross income any judgments, awards, and settlements with respect to sexual assault or sexual harassment claims, and for other purposes.

US HB558

Tip Tax Termination Act This bill excludes from gross income for federal tax purposes up to $20,000 of eligible tips received during the tax year. The bill also requires the Internal Revenue Service to modify the tables and procedures used to withhold federal income tax from wages to take into account eligible tips excluded from gross income. The bill defines eligible tips as amounts received while performing services in a position that generally relies on tips as part of wages, including cosmetology, hospitality, and food service.Further, under the bill, the amount of eligible tips excluded from gross income must not be included in determining federal tax deductions or credits, except for purposes of calculating the child tax credit and earned income tax credit.Finally, the exclusion from gross income only applies to eligible tips received before 2030.

US HB9359

To amend the Internal Revenue Code of 1986 to repeal the inclusion in gross income of Social Security benefits.

US SB2512

A bill to amend the Internal Revenue Code of 1986 to provide a credit for re-enrollment provisions in retirement plans of small employers.

Similar Bills

No similar bills found.