Bill Text: NY A02450 | 2017-2018 | General Assembly | Introduced

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Bill Title: Creates a vending to food pantries and soup kitchens tax credit.

Sponsorship: Partisan Bill (Democrat 5)

Status: (Introduced - Dead) 2018-01-03 - referred to ways and means [A02450 Detail]

Download: New_York-2017-A02450-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          2450
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                    January 20, 2017
                                       ___________
        Introduced by M. of A. HYNDMAN, BRAUNSTEIN, WALKER, HUNTER, SEPULVEDA --
          read once and referred to the Committee on Ways and Means
        AN  ACT  to amend the tax law, in relation to creating a vending to food
          pantries and soup kitchens tax credit
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Section  210-B  of the tax law is amended by adding a new
     2  subdivision 28 to read as follows:
     3    28. Vending to food pantry and soup kitchen tax credit. (a)  Taxpayers
     4  who  operate  farms in the state of New York and sell fruits and vegeta-
     5  bles grown in New York to food pantries and soup kitchens may claim  the
     6  vending  to  food  pantry  and  soup  kitchen tax credit against the tax
     7  imposed by this article at the close of the tax year provided,  however,
     8  that  the  unused portion of any tax credit claimed shall not be carried
     9  forward and applied to another tax year.
    10    (b) The amount of the credit shall be fifty  percent  of  the  revenue
    11  earned by the farmer from the sale of fruits and vegetables grown in New
    12  York to food pantries and soup kitchens.
    13    (c) Taxpayers claiming the vending to food pantry and soup kitchen tax
    14  credit  shall  submit copies of the sales receipts with tax returns that
    15  claim a tax credit.
    16    § 2. Section 606 of the tax law is amended by adding a new  subsection
    17  (ccc) to read as follows:
    18    (ccc)  Vending  to  food  pantry  and  soup  kitchen tax credit. (1) A
    19  taxpayer shall be allowed a credit against the tax imposed by this arti-
    20  cle for revenue earned by vending fruits and  vegetables  grown  in  New
    21  York  to  food pantries and soup kitchens, to be computed as provided in
    22  paragraph two of this subsection.
    23    (2) The amount of credit shall be fifty percent of the revenue  earned
    24  by  the  farmer from the sale of fruits and vegetables grown in New York
    25  to food pantries and  soup  kitchens.  In  no  event  shall  the  credit
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00196-01-7
        A. 2450                             2
     1  provided  in  this subsection be allowed in excess of the taxpayer's tax
     2  for such year.
     3    §  3. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
     4  of the tax law is amended by adding a new  clause  (xliii)  to  read  as
     5  follows:
     6  (xliii) Vending to food pantry       Amount of credit under subdivision
     7  and soup kitchen tax credit          twenty-eight of section two
     8  under subsection (ccc)               hundred ten-B
     9    §  4.  This act shall take effect immediately; provided, however, that
    10  the credits established by sections one, two and three of this act shall
    11  apply to taxable years beginning on or after January 1, 2018.