Budget & Taxes (Debt & Bonds)

HB 5064 creates a $5,000 annual tax credit for farmers who donate food to charitable organizations, adjusted each year based on inflation using the consumer price index. This credit directly benefits farmers by reducing their state tax liability for food donations and supports charitable organizations receiving surplus food. The bill establishes a concrete financial incentive to encourage food donations, aiming to reduce waste while aiding food-insecure communities. It does not change existing food donation laws but provides a new tax benefit for qualifying donations.