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History
- Print number 3128a
- Amend (t) and recommit to investigations and government operations
- Referred to investigations and government operations
- Referred to investigations and government operations
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Establishes business franchise and personal income tax credits for businesses that donate prepared foods
In Assembly Committee · Ways And Means · Sponsor Felix Ortiz
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the tax law, in relation to establishing business franchise and personal income tax credits for businesses that donate prepared food
Purpose
This bill would provide a tax credit under the personal income tax and corporate tax for certain businesses that donate excess food to charitable organizations.
Summary of provisions
This bill amends the tax law to define and describe the prepared food donation credit for businesses for their contributions of food inventory. To qualify, a taxpayer must be operating a restaurant which receives at least 50 percent of its gross receipts from the sale of prepared foods. The credit shall equal 25% of the taxpayers eligible charitable food donation, which is defined as the contribution of prepared food allowable as a charitable deduction under Section 170 (a) of the Internal Revenue Code (IRC), subject to the limitations of section 170(b)of the IRC.
Justification
Food waste accounts for the largest type of waste in the United States. The Environmental Protection Agency recognizes that prepared food donation is an effective use of excess food, reducing green house gas emissions from land fills and waste combustion. Many New York businesses are already donating left over food to relief agencies across the state.
This bill would reward those businesses and encourage others to contribute surplus food to the New Yorkers who need it the most. The goal of this bill is to allow the taxpayer to claim a refundable tax credit for charitable wholesome food contributions from their business or trade. This is a socially responsible and simple alternative to throwing away surplus food.
Legislative history
S.7459-A / A.9512-A of 2013-2014; Referred to Investigations and Government Operations
Fiscal implications
To be determined
Effective date
Immediately and shall apply to taxable years beginning on or after January 1, 2017.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.