Food Donation Tax Credit now in effect in BC
The Farmers’ Food Donation Tax Credit is now in effect in British Columbia.
Producers will receive a tax credit of 25% of the fair market value for any foods donated to food banks, school lunch programs, or other charities.
Minister of Agriculture Norm Letnick says the goal would be to have producers grow extra food to donate or donate food that they haven’t been able to sell.
Letnick says some growers have been doing this already without receiving a tax credit. He adds the new tax credit should become a major incentive to partake in practices like this.
The tax credit will be available through 2018 and will then be reviewed.