Bill Text: NY A08986 | 2013-2014 | General Assembly | Introduced
Bill Title: Establishes a tax credit for farmers who make food donations to food banks or other public, charitable or not-for-profit emergency food programs.
Spectrum: Partisan Bill (Democrat 30-0)
Status: (Introduced - Dead) 2014-06-17 - held for consideration in ways and means [A08986 Detail]
Download: New_York-2013-A08986-Introduced.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 8986 I N A S S E M B L Y March 6, 2014 ___________ Introduced by M. of A. MARKEY -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to establishing a credit for farmers who donate to a food bank or other emergency food program THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: 1 Section 1. Section 606 of the tax law is amended by adding a new 2 subsection (n-1) to read as follows: 3 (N-1) CREDIT FOR DONATIONS TO FOOD BANK OR EMERGENCY FOOD PROGRAM. (1) 4 GENERAL. IN THE CASE OF A TAXPAYER WHO IS AN ELIGIBLE FARMER, THERE 5 SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS HEREINAFTER PROVIDED 6 AGAINST THE TAX IMPOSED BY THIS ARTICLE FOR THE TAXABLE YEAR REDUCED BY 7 THE CREDITS PERMITTED BY THIS ARTICLE. THE AMOUNT OF THE CREDIT SHALL BE 8 TWENTY-FIVE PERCENT OF THE TAXPAYER'S QUALIFIED DONATIONS, AS DEFINED IN 9 PARAGRAPH THREE OF THIS SUBSECTION, MADE TO ANY FOOD BANK OR OTHER 10 PUBLIC, CHARITABLE OR NOT-FOR-PROFIT EMERGENCY FOOD PROGRAM OPERATING 11 WITHIN THIS STATE UP TO A ONE THOUSAND DOLLAR LIMIT DURING THE TAXABLE 12 YEAR. IF THE AMOUNT OF THE CREDIT UNDER THIS SUBSECTION FOR ANY TAXABLE 13 YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR, THE EXCESS SHALL BE 14 TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED IN ACCORD- 15 ANCE WITH THE PROVISIONS OF SECTION SIX HUNDRED EIGHTY-SIX OF THIS ARTI- 16 CLE, PROVIDED, HOWEVER THAT NO INTEREST SHALL BE PAID THEREON. 17 (2) ELIGIBLE FARMER. FOR PURPOSES OF THIS SUBSECTION, THE TERM "ELIGI- 18 BLE FARMER" MEANS A TAXPAYER WHOSE FEDERAL GROSS INCOME FROM FARMING FOR 19 THE TAXABLE YEAR IS AT LEAST TWO-THIRDS OF EXCESS FEDERAL GROSS INCOME. 20 EXCESS FEDERAL GROSS INCOME MEANS THE AMOUNT OF FEDERAL GROSS INCOME 21 FROM ALL SOURCES FOR THE TAXABLE YEAR REDUCED BY THE SUM (NOT TO EXCEED 22 THIRTY THOUSAND DOLLARS) OF THOSE ITEMS INCLUDED IN FEDERAL GROSS INCOME 23 WHICH CONSIST OF (I) EARNED INCOME, (II) PENSION PAYMENTS, INCLUDING 24 SOCIAL SECURITY PAYMENTS, (III) INTEREST, AND (IV) DIVIDENDS. FOR 25 PURPOSES OF THIS PARAGRAPH, THE TERM "EARNED INCOME" SHALL MEAN WAGES, 26 SALARIES, TIPS AND OTHER EMPLOYEE COMPENSATION, AND THOSE ITEMS OF GROSS 27 INCOME WHICH ARE INCLUDIBLE IN THE COMPUTATION OF NET EARNINGS FROM 28 SELF-EMPLOYMENT. FOR THE PURPOSES OF THIS PARAGRAPH, PAYMENTS FROM THE EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD04732-01-3 A. 8986 2 1 STATE'S FARMLAND PROTECTION PROGRAM, ADMINISTERED BY THE DEPARTMENT OF 2 AGRICULTURE AND MARKETS, SHALL BE INCLUDED AS FEDERAL GROSS INCOME FROM 3 FARMING FOR OTHERWISE ELIGIBLE FARMERS. 4 (3) QUALIFIED DONATION. FOR PURPOSES OF THIS SUBSECTION, THE TERM 5 "QUALIFIED DONATION" MEANS A DONATION OF ANY EDIBLE FOOD ITEM TO A FOOD 6 BANK OR OTHER EMERGENCY FOOD PROGRAM OPERATING WITHIN THIS STATE. 7 S 2. This act shall take effect on the first of January next succeed- 8 ing the date on which it shall have become a law and shall apply to 9 taxable years beginning on or after such date.