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- Referred to agriculture
- Referred to agriculture
Full text
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Sponsor's memo
Title of bill
An act to amend the agriculture and markets law and the tax law, in relation to establishing business corporation franchise tax and personal income tax credits for the donation of food and food products, having a value of five hundred dollars or more, to a food bank by a food producer or processor
Purpose
Grants a $75 business franchise tax and personal income tax credit for those farmers and food processors that donate NY produced food or food products to regional food banks. The value of such crops or processed foods must be over $500.
Summary of provisions
Section 1: Agriculture and Markets Law section 16 is amended to add a new subdivision 44 which gives the Department of Agriculture and Markets the statutory authority to advise the Department of Taxation and Finance when Taxation and Finance is promulgating rules and regulations to implement this chapter. The Department of Agriculture and Markets is to advise on issues related to identifying approved nonperishable crops that can be donated to regional food banks and other bona fide local food bank organizations and how to estimate the market value of such donations.
Section 2: Tax Law section 210 is amended to add a new subdivision 41 which allows for a franchise tax credit of $75 if a taxpayer, which is a food producer or food processing establishment, donates during any taxable year New York produced food and food products, which are nonperishable and has a value of five hundred dollars or more, to bona fide local food bank organizations and regional food banks.
Section 3: Tax Law section 606 subsection (i) is amended to adding, "donations to food banks credit under subsection (qq)" and "amount of credit under subdivision forty-one of section two hundred ten" for the personal income tax schedule.
Section 4: Tax Law section 606 is amended to add a new subsection (qq) to add a personal income tax credit of $75 for donations of food and food products to food banks that is worth over $500.
Existing law
Under current law, business franchise tax and personal income tax credits are not given to food producers or processors for donating nonperishable goods to a food bank.
Justification
This State's food banks provide a very vital service to those individuals and families that are in need. Under the State's current economic condition, food banks need additional resources if they are to continue to adequately service our State's families that are in need. This bill encourages local farmers and those who process foods to donate some of their surplus farm products to food pantries that are desperately in need of additional food to provide for undeserved families.
Legislative history
S.8220 of 2008
Fiscal implications
Minimal.
Local fiscal implications
None. EFFECTIVE DATE : This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.