Assembly Bill A8371

2013-2014 Legislative Session

Provides an income tax credit to taxpayers who donate farm products to charitable or nonprofit organizations

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Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2013-A8371 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd ยง606, Tax L

2013-A8371 (ACTIVE) - Summary

Provides an income tax credit equal to the full market value of donated farm products to taxpayers who donate farm products to charitable or nonprofit organizations.

2013-A8371 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  8371

                          I N  A S S E M B L Y

                             January 9, 2014
                               ___________

Introduced by M. of A. THIELE -- read once and referred to the Committee
  on Ways and Means

AN  ACT  to  amend  the  tax law, in relation to providing an income tax
  credit to taxpayers who donate farm products to charitable or  nonpro-
  fit organizations

  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 (xx) to read as follows:
  (XX)  FARM PRODUCTS DONATION CREDIT. (1) A TAXPAYER SHALL BE ALLOWED A
CREDIT, TO BE COMPUTED AS HEREINAFTER PROVIDED, AGAINST THE TAX  IMPOSED
BY  THIS  ARTICLE IN THE AMOUNT PRESCRIBED IN THIS SUBSECTION WHERE SUCH
TAXPAYER DONATES FARM PRODUCTS TO A CHARITABLE OR NONPROFIT ORGANIZATION
IN ACCORDANCE WITH ARTICLE FOUR-D OF THE AGRICULTURE  AND  MARKETS  LAW.
THE  AMOUNT OF THE CREDIT SHALL BE EQUAL TO THE FULL MARKET VALUE OF THE
DONATED FARM PRODUCTS.
  (2) FOR PURPOSES OF THIS SUBSECTION, THE FOLLOWING  DEFINITIONS  SHALL
APPLY:
  (A)  "FARM  PRODUCTS"  MEANS  ANY AGRICULTURAL, DAIRY OR HORTICULTURAL
PRODUCT OR ANY PRODUCT DESIGNED OR INTENDED  FOR  HUMAN  CONSUMPTION  OR
PREPARED  PRINCIPALLY FROM AN AGRICULTURAL, DAIRY OR HORTICULTURAL PROD-
UCT.
  (B) "CHARITABLE OR  NONPROFIT  ORGANIZATION"  MEANS  ANY  ORGANIZATION
WHICH  IS  EXEMPT FROM FEDERAL OR STATE INCOME TAXATION, EXCEPT THAT THE
TERM DOES NOT INCLUDE ORGANIZATIONS WHICH SELL OR  OFFER  TO  SELL  SUCH
DONATED ITEMS OF FOOD.
  (3)  APPLICATION  OF CREDIT. IF THE AMOUNT OF THE CREDIT ALLOWED UNDER
THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR
SUCH YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF  TAX  TO  BE
CREDITED  OR  REFUNDED  IN ACCORDANCE WITH THE PROVISIONS OF SECTION SIX
HUNDRED EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO  INTEREST
SHALL BE PAID THEREON.
  S 2. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11184-02-4

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