Small business donations would earn tax break : : Iron Chef of Music

Standing inside the warehouse at NAEIR, two area congressmen announced Thursday new legislation that is designed to offer incentives to small businesses and local mom and pop shops to donate excess items to nonprofits and receive a tax break in return.

US Reps. Aaron Schock, R-Peoria, and Bobby Schilling, R-Colona, are hoping small businesses will receive the same tax deduction given to larger corporations when they donate extra inventory to charity and nonprofits. Currently, small business receive no tax incentive to do so.

Its to create a level playing field for every business in America to donate excess goods and products, said Schock, the bills sponsor.

The bill would allow charities and groups like NAEIR, a local nonprofit, to partner with more businesses. Schock said that small businesses represent 75 percent of Americas business sector. The bill also addresses a need for charities.

Schilling, who is co-sponsoring the bill, said that 63 percent of charitable organizations saw an increase in demand for services in 2011. Since 2008, the United Way has seen a 68 percent increase in demand for basic needs. Extending a charitable tax donation to more businesses could help nonprofits meet their growing demands, Schilling said.

We have the best people that will give their shirt off their back when called, Schilling said. I think this is just another step. Its not a Democrat or Republican issue. Its an American issue.

The congressmens decision to announce legislation at NAEIRs facility in Galesburg was not surprising. National Association for the Exchange of Industrial Resources, a national nonprofit, collects excess inventory from manufacturers, wholesalers and retailers and then redistributes the goods to nonprofits for a fee. NAIER has taken excess goods from businesses like Microsoft and Rand McNally, and has distributed the goods to more than 9,500 charities and schools.

NAEIR President Gary Smith stood next to the congressmen during the announcement. He said the bill will help nonprofits throughout the country form partnerships with various small businesses to help the groups meet growing demand. The small businesses, in turn, save costs and receive a tax break.

It gives them a little bit of a nudge to do the right thing, Smith said.

sdibenedetto@register-mail.com

Tags: Small Business

Source: http://www.ironchefofmusic.com/2012/03/12/small-business-donations-would-earn-tax-break/

wild horses lyrics sweet potato recipes green bean casserole recipe karina smirnoff pumpkin cheesecake deviled eggs pie crust