senate Bill S6752

2011-2012 Legislative Session

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

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 31, 2012 reported and committed to finance
Mar 16, 2012 referred to investigations and government operations

Co-Sponsors

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S6752 - Details

See Assembly Version of this Bill:
A7278
Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd ยง606, Tax L

S6752 - Summary

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

S6752 - Sponsor Memo

S6752 - Bill Text download pdf

                    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:

  Section  1.  Section  606  of  the  tax law is amended by adding a new
subsection (n-1) to read as follows:
  (N-1) CREDIT FOR DONATIONS TO FOOD BANK OR EMERGENCY FOOD PROGRAM. (1)
GENERAL. IN THE CASE OF A TAXPAYER WHO  IS  AN  ELIGIBLE  FARMER,  THERE
SHALL  BE  ALLOWED  A  CREDIT,  TO  BE  COMPUTED AS HEREINAFTER PROVIDED
AGAINST THE TAX IMPOSED BY THIS ARTICLE FOR THE TAXABLE YEAR REDUCED  BY
THE CREDITS PERMITTED BY THIS ARTICLE. THE AMOUNT OF THE CREDIT SHALL BE
TWENTY-FIVE PERCENT OF THE TAXPAYER'S QUALIFIED DONATIONS, AS DEFINED IN
PARAGRAPH  (3)  OF THIS SUBSECTION, MADE TO ANY FOOD BANK OR OTHER EMER-
GENCY FOOD PROGRAM OPERATING WITHIN THIS STATE. IF  THE  CREDIT  EXCEEDS
THE  TAX  AS  SO REDUCED, THE TAXPAYER MAY RECEIVE, AND THE COMPTROLLER,
SUBJECT TO A CERTIFICATE OF THE COMMISSIONER, SHALL PAY AS  AN  OVERPAY-
MENT, WITHOUT INTEREST, THE AMOUNT OF SUCH EXCESS.
  (2) ELIGIBLE FARMER. FOR PURPOSES OF THIS SUBSECTION, THE TERM "ELIGI-
BLE FARMER" MEANS A TAXPAYER WHOSE FEDERAL GROSS INCOME FROM FARMING FOR
THE  TAXABLE YEAR IS AT LEAST TWO-THIRDS OF EXCESS FEDERAL GROSS INCOME.
EXCESS FEDERAL GROSS INCOME MEANS THE AMOUNT  OF  FEDERAL  GROSS  INCOME
FROM  ALL SOURCES FOR THE TAXABLE YEAR REDUCED BY THE SUM (NOT TO EXCEED
THIRTY THOUSAND DOLLARS) OF THOSE ITEMS INCLUDED IN FEDERAL GROSS INCOME
WHICH CONSIST OF (I) EARNED INCOME,  (II)  PENSION  PAYMENTS,  INCLUDING
SOCIAL  SECURITY  PAYMENTS,  (III)  INTEREST,  AND  (IV)  DIVIDENDS. FOR
PURPOSES OF THIS PARAGRAPH, THE TERM "EARNED INCOME" SHALL  MEAN  WAGES,
SALARIES, TIPS AND OTHER EMPLOYEE COMPENSATION, AND THOSE ITEMS OF GROSS
INCOME  WHICH  ARE  INCLUDIBLE  IN  THE COMPUTATION OF NET EARNINGS FROM
SELF-EMPLOYMENT. FOR THE PURPOSES OF THIS PARAGRAPH, PAYMENTS  FROM  THE
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

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