,i #aacth ,,congress #b;d ,session ,h4 ,r4 #dgai ,,in ,,the ,,house ,,of ,,representatives ,may #bb1 #bjad ,mr4 ,reed 7for himself and ,mr4 ,gerlach7 introduced the following bill2 which was referred to the ,committee on ,ways and ,means ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to permanently extend and expand the charitable deduction for contributions of food inventory4 #a4 ,short title ,this ,act may be cited as the ,fighting ,hunger ,incentive ,act of #bjad4 #b4 ,extension and expansion of charitable deduction for contributions of food inventory 7a7 ,permanent extension ,section #agj7;e77#c77;,c7 of the ,internal ,revenue ,code of #aihf is amended by striking clause 7iv74 7b7 ,increase in limitation ,section #agj7;e77#c77;,c7 of such ,code1 as amended by subsection 7a71 is amended by striking clause 7ii71 by redesignating clause 7iii7 as clause 7iv71 and by inserting after clause 7i7 the following new clause3 7ii7 ,limitation ,the aggregate amount of such contributions for any taxable year which may be taken into account under this section shall not exceed-- 7,i7 in the case of any taxpayer other than a ,c corporation1 #ae percent of the taxpayer's aggregate net income for such taxable year from all trades or businesses from which such contributions were made for such year1 computed without regard to this section1 and 7,,ii7 in the case of a ,c corporation1 #ae percent of taxable income 7as defined in subsection 7b77#b77;,c774 7iii7 ,rules related to limitation 7,i7 ,carryover ,if such aggregate amount exceeds the limitation imposed under clause 7ii71 such excess shall be treated 7in a manner consistent with the rules of subsection 7d77 as a charitable contribution described in clause 7i7 in each of the #e succeeding years in order of time4 7,,ii7 ,coordination with overall corporate limitation ,in the case of any charitable contribution allowable under clause 7ii71 subsection 7b77#b7 shall not apply to such contribution1 but the limitation imposed by such subsection shall be reduced 7but not below zero7 by the aggregate amount of such contributions4 ,for purposes of subsection 7b77#b77;,b71 such contributions shall be treated as allowable under subsection 7b77#b77;,a74 4 7c7 ,determination of basis for taxpayers other than ,c corporations ,section #agj7;e77#c77;,c7 of such ,code1 as amended by subsections 7a7 and 7b71 is amended by adding at the end the following new clause3 7v7 ,determination of basis for taxpayers other than ,c corporations ,if a taxpayer-- 7,i7 does not account for inventories under section #dga1 and 7,,ii7 is not required to capitalize indirect costs under section #bfc;,a1 the taxpayer may elect1 solely for purposes of subparagraph 7,b71 to treat the basis of any apparently wholesome food as being equal to #be percent of the fair market value of such food4 4 7d7 ,determination of fair market value ,section #agj7;e77#c77;,c7 of such ,code1 as amended by subsections 7a71 7b71 and 7c71 is amended by adding at the end the following new clause3 7vi7 ,determination of fair market value ,in the case of any such contribution of apparently wholesome food which cannot or will not be sold solely by reason of internal standards of the taxpayer1 lack of market1 or similar circumstances1 or by reason of being produced by the taxpayer exclusively for the purposes of transferring the food to an organization described in subparagraph 7,a71 the fair market value of such contribution shall be determined-- 7,i7 without regard to such internal standards1 such lack of market1 such circumstances1 or such exclusive purpose1 and 7,,ii7 by taking into account the price at which the same or substantially the same food items 7as to both type and quality7 are sold by the taxpayer at the time of the contribution 7or1 if not so sold at such time1 in the recent past74 4 7e7 ,effective ,date ,the amendments made by this section shall apply to contributions made after ,december #ca1 #bjac1 in taxable years ending after such date4