Deer hunters and the IRS: Tax-break would help both needy and hunters
by AccountingWEB on
U.S. Senator Charles Schumer (D-NY) is proposing a tax break for deer hunters who donate venison to food pantries, and the idea is gathering support.
U.S. Senator Kirsten E. Gillibrand (D-NY) last week also supported the legislation, which Schumer touted as a way to help hungry families while boosting the hunting industry in upstate New York, where the number of meals served in food programs is steadily increasing.
The plan would allow hunters to deduct the cost of having the deer processed for donation. The cost can be as high as $80, which deters some from giving the meat away. Tax incentives would also be available for processors that work through the Venison Donation Coalition and other nonprofits that pay for the processing costs and deliver the meat to the needy. A typical deer provides about 160 servings, the Times Union of Albany reported.
"Although charitable donations of canned goods and other foods are already deductible under federal tax laws, that kind of tax benefit has not been applied to the cost of professionally processing game for donation," the newspaper reported.
Schumer said the legislation would also help combat overpopulation of deer. He called it "a win for our hunters, a win for the hungry, a win for our state economy and a win for conservation." Nearly 700,000 state residents and more than 50,000 out-of-staters hunt in New York, contributing more than $1.5 billion to the state's economy every year, he said.
Delaware County Food Bank Coordinator Linda Vausse told the ABC News affiliate in Binghamton that clients of the food pantry at the Methodist Church in Sidney often ask for deer meat. "By having the venison donated, we don't have to purchase so much meat, which is good. We can supply a healthier meal. It's a low-fat meat, so that's even better. It just helps us keep our costs down for the food pantry."
Outdoor Life magazine columnist Doug Howlett, a former National Rifle Association employee, called Schumer, "the antithesis to all the NRA stands for and one of its most vocal critics since entering public office." However, he applauded the move. "I would encourage every legislator out there to follow Schumer's lead (on this issue) and work to support efforts to get more hunter-generated meat to the families that can use it."
Schumer hopes to add his measure to a tax bill the Senate is expected to take up this month.
You may like these other stories...
Lois Lerner isn’t a Superwoman, but she’s showing at least as much resilience as Lois Lane.A new report released on March 11 by the House Committee on Oversight and Government Reform, one of several government...
Each tax-filing season poses different challenges for small business owners – from understanding the new tax laws and regulations to preparing new forms and disclosures.But according to Kevin Anderson and Doug Bekker,...
In Denver, state legislators are probably thinking, "Why didn't we think of this earlier?" The state of Colorado's retail marijuana sales (separate from medical marijuana sales) in January alone generated...
Upcoming CPE Webinars
BAR is an acronym for: Boundaries, Authority and Role. This simple tool will provide participants with a solid understanding of leadership essentials to improve their performance.
This material is designed to provide a start-to-finish overview of how to plan and complete high-quality small audits efficiently.
In this session Excel expert David H. Ringstrom, CPA shares numerous techniques that you can use to work with charts more efficiently.
Key Accounting and Reporting Issues for Nonprofits No. 1: Overview and Statement of Financial Position
This material focuses on non-profit organizations organization, accounting and reporting.