Bill Text: NY S03603 | 2015-2016 | General Assembly | Amended
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: Moderate Partisan Bill (Republican 7-1)
Status: (Introduced - Dead) 2016-01-19 - PRINT NUMBER 3603B [S03603 Detail]
Download: New_York-2015-S03603-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 3603--B 2015-2016 Regular Sessions IN SENATE February 13, 2015 ___________ Introduced by Sens. RANZENHOFER, MURPHY, FUNKE, O'MARA, RITCHIE, SEWARD, YOUNG -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations -- reported favorably from said committee and committed to the Commit- tee on Finance -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee -- recommitted to the Committee on Investigations and Government Operations in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said commit- tee 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-2) to read as follows: 3 (n-2) 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. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD05723-04-6
