,,ii ,calendar ,no4 #dgg #aacth ,,congress #b;d ,session ,h4 ,r4 #dgai ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,july #bb1 #bjad,received2 read the first time ,july #bc1 #bjad,read the second time and placed on the calendar ,,an ,,act ,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 ,america ,gives ,more ,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 clauses3 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;,d774 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 7ii77,,ii71 subsection 7b77#b77;,a7 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 certain taxpayers ,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 certain taxpayers ,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 7#a7 ,in general ,except as otherwise provided in this subsection1 the amendments made by this section shall apply to contributions made after ,december #ca1 #bjac1 in taxable years ending after such date4 7#b7 ,limitation2 applicability to ,c corporations ,the amendments made by subsection 7b7 shall apply to contributions made in taxable years beginning after ,december #ca1 #bjac4 #c4 ,rule allowing certain tax-free distributions from individual retirements accounts for charitable purposes made permanent 7a7 ,in general ,section #djh7;d77#h7 of the ,internal ,revenue ,code of #aihf is amended by striking subparagraph 7,f74 7b7 ,effective date ,the amendment made by this section shall apply to distributions made in taxable years beginning after ,december #ca1 #bjac4 #d4 ,special rule for qualified conservation contributions modified and made permanent 7a7 ,made permanent 7#a7 ,individuals ,subparagraph 7,e7 of section #agj7;b77#a7 of the ,internal ,revenue ,code of #aihf is amended by striking clause 7vi74 7#b7 ,corporations ,subparagraph 7,b7 of section #agj7;b77#b7 of such ,code is amended by striking clause 7iii74 7b7 ,contributions of capital gain real property made for conservation purposes by ,native ,corporations 7#a7 ,in general ,paragraph 7#b7 of section #agj7;b7 of the ,internal ,revenue ,code of #aihf is amended by redesignating subparagraph 7,c7 as subparagraph 7,d71 and by inserting after subparagraph 7,b7 the following new subparagraph3 7,c7 ,qualified conservation contributions by certain ,native ,corporations 7i7 ,in general ,any qualified conservation contribution 7as defined in subsection 7h77#a77 which-- 7,i7 is made by a ,native ,corporation1 and 7,,ii7 is a contribution of property which was land conveyed under the ,alaska ,native ,claims ,settlement ,act1 shall be allowed to the extent that the aggregate amount of such contributions does not exceed the excess of the taxpayer's taxable income over the amount of charitable contributions allowable under subparagraph 7,a74 7ii7 ,carryover ,if the aggregate amount of contributions described in clause 7i7 exceeds the limitation of clause 7i71 such excess shall be treated 7in a manner consistent with the rules of subsection 7d77#b77 as a charitable contribution to which clause 7i7 applies in each of the #ae succeeding years in order of time4 7iii7 ,native ,corporation ,for purposes of this subparagraph1 the term ,native ,corporation has the meaning given such term by section #c7m7 of the ,alaska ,native ,claims ,settlement ,act4 4 7#b7 ,conforming amendment ,section #agj7;b77#b77;,a7 of such ,code is amended by striking subparagraph 7,b7 applies and inserting subparagraph 7,b7 or 7,c7 applies4 7#c7 ,valid existing rights preserved ,nothing in this subsection 7or any amendment made by this subsection7 shall be construed to modify the existing property rights validly conveyed to ,native ,corporations 7within the meaning of section #c7m7 of the ,alaska ,native ,claims ,settlement ,act7 under such ,act4 7c7 ,effective date ,the amendments made by this section shall apply to contributions made in taxable years beginning after ,december #ca1 #bjac4 #e4 ,extension of time for making charitable contributions 7a7 ,in general ,subsection 7a7 of section #agj of the ,internal ,revenue ,code of #aihf is amended by redesignating paragraphs 7#b7 and 7#c7 as paragraphs 7#c7 and 7#d71 respectively1 and by inserting after paragraph 7#a7 the following new paragraph3 7#b7 ,treatment of charitable contributions made by individuals before due date of return ,if any charitable contribution is made by an individual after the close of a taxable year but not later than the due date 7determined without regard to extensions7 for the return of tax for such taxable year1 then the taxpayer may elect to treat such charitable contribution as made in such taxable year4 ,such election shall be made at such time and in such manner as the ,secretary may provide4 ,for purposes of this paragraph1 an individual's distributive share of a partnership's charitable contribution1 and an individual's pro rata share of an ,s corporation's charitable contribution1 shall not be treated as charitable contributions made by such individual4 4 7b7 ,effective date ,the amendments made by this section shall apply to elections made with respect to taxable years beginning after ,december #ca1 #bjac4 #f4 ,modification of the tax rate for the excise tax on investment income of private foundations 7a7 ,in general ,section #didj7;a7 of the ,internal ,revenue ,code of #aihf is amended by striking #b percent and inserting #a percent4 7b7 ,elimination of reduced tax where foundation meets certain distribution requirements ,section #didj of such ,code is amended by striking subsection 7e74 7c7 ,effective date ,the amendments made by this section shall apply to taxable years beginning after the date of the enactment of this ,act4 #g4 ,budgetary effects 7a7 ,statutory ,pay-,as-,you-,go ,scorecards ,the budgetary effects of this ,act shall not be entered on either ,,paygo scorecard maintained pursuant to section #d7;d7 of the ,statutory ,pay-,as-,you-,go ,act of #bjaj4 7b7 ,senate ,,paygo ,scorecards ,the budgetary effects of this ,act shall not be entered on any ,,paygo scorecard maintained for purposes of section #bja of ,s4 ,con4 ,res4 #ba 7#aajth ,congress74 ,passed the ,house of ,representatives ,july #ag1 #bjad4,karen ,l4 ,haas1,clerk ,july #bc1 #bjad,read the second time and placed on the calendar