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A bill to amend the Internal Revenue Code of 1986 to exclude micro-grants for food security from gross income.

3/13/2024, 3:52 AM

Summary of Bill S 2352

Bill 118 s 2352, also known as the "Micro-Grants for Food Security Act," is a proposed piece of legislation that aims to make changes to the Internal Revenue Code of 1986. The main purpose of this bill is to exclude micro-grants for food security from being considered as gross income for tax purposes.

Micro-grants are small financial assistance provided to individuals or organizations to support food security initiatives. By excluding these micro-grants from gross income, the bill seeks to incentivize and support efforts to address food insecurity in the United States.

If passed, this bill would provide a tax benefit to individuals and organizations that receive micro-grants for food security, allowing them to use the funds more effectively towards their intended purpose without having to worry about the tax implications. Overall, the Micro-Grants for Food Security Act aims to promote and support initiatives that address food insecurity in the United States by providing a tax exemption for micro-grants specifically designated for this purpose.

Congressional Summary of S 2352

This bill excludes from gross income, for income tax purposes, any micro-grant for food security received by an eligible entity under the Agricultural Improvement Act of 2018 (i.e., an individual, Indian tribe, nonprofit organization engaged in increasing food security, or a federally-funded educational facility).

Current Status of Bill S 2352

Bill S 2352 is currently in the status of Bill Introduced since July 18, 2023. Bill S 2352 was introduced during Congress 118 and was introduced to the Senate on July 18, 2023.  Bill S 2352's most recent activity was Read twice and referred to the Committee on Finance. as of July 18, 2023

Bipartisan Support of Bill S 2352

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
0
Democrat Cosponsors
0
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill S 2352

Primary Policy Focus

Taxation

Alternate Title(s) of Bill S 2352

A bill to amend the Internal Revenue Code of 1986 to exclude micro-grants for food security from gross income.
A bill to amend the Internal Revenue Code of 1986 to exclude micro-grants for food security from gross income.

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