Iowa farmers who donate self produced food commodities to food banks and food pantries can now qualify for a credit on their state taxes. Iowa Agriculture Secretary Bill Northey says that means double benefits in that farmers get a tax credit while local food banks get locally produced food.
Northey adds that farmers get a credit equal to 15 percent of the value of the commodities donated during the tax year or $5,000 whichever is less. He adds that the food needs to go to a qualified food bank.
Northey says producers will receive an authorized receipt from the registered Iowa food bank or Iowa emergency feeding organization for the donation. All authorized receipts for a calendar year should be sent together to the Iowa Department of Revenue by January 15.