Runestad introduces legislation to provide tax relief
LANSING, Mich. — Sen. Jim Runestad introduced a measure Wednesday that would offer financial relief to Michigan residents by providing a tax credit for some food donations.
Senate Bill 55 would restore the income tax credit for donations made to food banks and community foundations that was eliminated in 2011.
“Homeless shelters, food kitchens and food banks all provide critical services to help those most in need in our communities,” said Runestad, R-White Lake. “We should do whatever we can to encourage folks to give to these vital organizations. This bill does just that by providing some tax relief to residents who want to help their neighbor in need.”
SB 55 would enable residents to claim an income tax credit of up to 50 percent of the total cash value of charitable contributions to shelters for homeless people, food kitchens, food banks or other similar organizations.
“Since this tax credit was repealed in 2011, there has been a significant decrease in charitable donations to community foundations,” Runestad said. “Restoring this credit will increase this important giving.”
SB 55 has been referred to the Senate Committee on Finance for consideration.