Bill Text: NY S06752 | 2011-2012 | General Assembly | Introduced

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Bill Title: Establishes a tax credit for farmers who make food donations to food banks or other emergency food programs.

Sponsorship: Moderate Partisan Bill (Republican 6-1)

Status: (Introduced - Dead) 2012-05-31 - REPORTED AND COMMITTED TO FINANCE [S06752 Detail]

Download: New_York-2011-S06752-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         6752
                                   I N  S E N A T E
                                    March 16, 2012
                                      ___________
       Introduced  by  Sens.  RANZENHOFER,  RITCHIE,  VALESKY -- read twice and
         ordered printed, and when printed to be committed to the Committee  on
         Investigations and Government Operations
       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  (3)  OF THIS SUBSECTION, MADE TO ANY FOOD BANK OR OTHER EMER-
   10  GENCY FOOD PROGRAM OPERATING WITHIN THIS STATE. IF  THE  CREDIT  EXCEEDS
   11  THE  TAX  AS  SO REDUCED, THE TAXPAYER MAY RECEIVE, AND THE COMPTROLLER,
   12  SUBJECT TO A CERTIFICATE OF THE COMMISSIONER, SHALL PAY AS  AN  OVERPAY-
   13  MENT, WITHOUT INTEREST, THE AMOUNT OF SUCH EXCESS.
   14    (2) ELIGIBLE FARMER. FOR PURPOSES OF THIS SUBSECTION, THE TERM "ELIGI-
   15  BLE FARMER" MEANS A TAXPAYER WHOSE FEDERAL GROSS INCOME FROM FARMING FOR
   16  THE  TAXABLE YEAR IS AT LEAST TWO-THIRDS OF EXCESS FEDERAL GROSS INCOME.
   17  EXCESS FEDERAL GROSS INCOME MEANS THE AMOUNT  OF  FEDERAL  GROSS  INCOME
   18  FROM  ALL SOURCES FOR THE TAXABLE YEAR REDUCED BY THE SUM (NOT TO EXCEED
   19  THIRTY THOUSAND DOLLARS) OF THOSE ITEMS INCLUDED IN FEDERAL GROSS INCOME
   20  WHICH CONSIST OF (I) EARNED INCOME,  (II)  PENSION  PAYMENTS,  INCLUDING
   21  SOCIAL  SECURITY  PAYMENTS,  (III)  INTEREST,  AND  (IV)  DIVIDENDS. FOR
   22  PURPOSES OF THIS PARAGRAPH, THE TERM "EARNED INCOME" SHALL  MEAN  WAGES,
   23  SALARIES, TIPS AND OTHER EMPLOYEE COMPENSATION, AND THOSE ITEMS OF GROSS
   24  INCOME  WHICH  ARE  INCLUDIBLE  IN  THE COMPUTATION OF NET EARNINGS FROM
   25  SELF-EMPLOYMENT. FOR THE PURPOSES OF THIS PARAGRAPH, PAYMENTS  FROM  THE
   26  STATE'S  FARMLAND  PROTECTION PROGRAM, ADMINISTERED BY THE DEPARTMENT OF
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD10940-01-1
       S. 6752                             2
    1  AGRICULTURE AND MARKETS, SHALL BE INCLUDED AS FEDERAL GROSS INCOME  FROM
    2  FARMING FOR OTHERWISE ELIGIBLE FARMERS.
    3    (3)  QUALIFIED  DONATION.  FOR  PURPOSES  OF THIS SUBSECTION, THE TERM
    4  "QUALIFIED DONATION" MEANS A DONATION OF ANY EDIBLE FOOD ITEM TO A  FOOD
    5  BANK OR OTHER EMERGENCY FOOD PROGRAM OPERATING WITHIN THIS STATE.
    6    S 2. This act shall take effect on January 1, 2012; provided, however,
    7  if this act shall have become a law after such date it shall take effect
    8  immediately and shall be deemed to have been in full force and effect on
    9  and after January 1, 2012.