The Iowa Farm to Food Donation Tax Credit, administered under Iowa Code chapter 190B, allows eligible donor-producers to claim a tax credit for donating food commodities to qualifying charitable organizations. Taxpayers must use Form IA 178 to report these donations and calculate the credit for the tax year. Donor-producers must obtain a tax credit certificate issued under the Iowa Farm to Food Donation Tax Credit program before claiming the credit.
Eligibility and Reporting
- Donor-producers must complete and submit Form IA 178 to the Iowa Department of Revenue to report eligible food commodity donations and apply for the Iowa Farm to Food Donation Tax Credit.
- Donations must be made to qualified charitable organizations that meet the requirements of the Iowa Farm to Food Donation Tax Credit program.
- After the Iowa Department of Revenue approves the application, a Tax Credit Certificate is issued to the taxpayer.
- Taxpayers claim the approved credit on Form IA 148 (Tax Credits Schedule) using the Tax Credit Certificate number and report the credit with the applicable Iowa income tax return.
- Taxpayers should retain records supporting the donation and the approved tax credit for their records.
Tax Rule Reference
The Iowa Farm to Food Donation Tax Credit is administered by the Iowa Department of Revenue. Eligibility requirements, credit computation, and reporting instructions are provided in Form IA 178 and the applicable Iowa tax laws and administrative rules governing the credit.
Source:
Form IA 178 - Iowa Farm to Food Tax Credit
Disclaimer: Always verify details with the official Iowa Department of Revenue forms and instructions. This information is for general guidance and may not apply to all individual circumstances. For complex situations, consult a tax professional or CPA.