Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 07, 2016 |
print number 5583a |
Jun 07, 2016 |
amend (t) and recommit to ways and means |
Jan 06, 2016 |
referred to ways and means |
Feb 27, 2015 |
referred to ways and means |
Assembly Bill A5583A
2015-2016 Legislative Session
Sponsored By
ORTIZ
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
Actions
Bill Amendments
co-Sponsors
Donna Lupardo
William Colton
2015-A5583 - Details
2015-A5583 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5583 2015-2016 Regular Sessions I N A S S E M B L Y February 27, 2015 ___________ Introduced by M. of A. ORTIZ -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to establishing business fran- chise and personal income tax credits for businesses that donate food inventory to charitable organizations THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 210-b of the tax law is amended by adding a new subdivision 49 to read as follows: 49. CHARITABLE CONTRIBUTIONS OF FOOD INVENTORY CREDIT. (A) GENERAL. A TAXPAYER WHO CLAIMS A DEDUCTION UNDER TITLE 26 OF THE UNITED STATES CODE, SECTION 170, SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE, FOR CHARITABLE CONTRIBUTIONS OF APPARENTLY WHOLESOME FOOD FROM SUCH TAXPAYER'S TRADE OR BUSINESSES. (B) DEFINITIONS. FOR PURPOSES OF THIS SECTION, THE TERMS "CHARITABLE CONTRIBUTION" AND "APPARENTLY WHOLESOME FOOD" SHALL HAVE THE SAME MEAN- ING AS SUCH TERMS ARE DEFINED IN TITLE 26 OF THE UNITED STATES CODE, SECTION 170. (C) AMOUNT OF CREDIT. THE CREDIT AUTHORIZED BY THIS SECTION SHALL EQUAL TEN PERCENT OF THE AMOUNT OF SUCH CONTRIBUTION OF APPARENTLY WHOLESOME FOOD DEDUCTED BY SUCH TAXPAYER IN COMPUTING FEDERAL TAXABLE INCOME FOR THE TAXABLE YEAR. (D) APPLICATION OF CREDIT. THE CREDIT ALLOWED UNDER THIS SUBDIVISION FOR ANY TAXABLE YEAR WILL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO LESS THAN THE MINIMUM TAX FIXED BY THIS ARTICLE. HOWEVER, IF THE AMOUNT OF CREDIT ALLOWED UNDER THIS SUBDIVISION FOR ANY TAXABLE YEAR REDUCES THE TAX TO SUCH AMOUNT, ANY AMOUNT OF CREDIT THUS NOT DEDUCTIBLE IN SUCH TAXABLE YEAR WILL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SECTION ONE THOUSAND EIGHTY-SIX OF THIS CHAPTER. PROVIDED, HOWEVER, THE PROVISIONS OF EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD02134-01-5
co-Sponsors
Donna Lupardo
William Colton
2015-A5583A (ACTIVE) - Details
2015-A5583A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5583--A 2015-2016 Regular Sessions I N A S S E M B L Y February 27, 2015 ___________ Introduced by M. of A. ORTIZ, LUPARDO, COLTON -- read once and referred to the Committee on Ways and Means -- recommitted to the Committee on Ways and Means in accordance with Assembly Rule 3, sec. 2 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the tax law, in relation to establishing business fran- chise and personal income tax credits for businesses that donate prepared food THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 210-B of the tax law is amended by adding a new subdivision 52 to read as follows: 52. PREPARED FOOD DONATION CREDIT. (A) A QUALIFYING TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE EQUAL TO TWEN- TY-FIVE PERCENT OF THE TAXPAYER'S ELIGIBLE CHARITABLE FOOD DONATION. (B) FOR PURPOSES OF THIS SUBDIVISION, THE FOLLOWING TERMS HAVE THE MEANINGS GIVEN: (1) "ELIGIBLE CHARITABLE FOOD DONATION" MEANS A CONTRIBUTION OF PREPARED FOOD ALLOWABLE AS A CHARITABLE DEDUCTION FOR THE TAXABLE YEAR UNDER SECTION 170(A) OF THE INTERNAL REVENUE CODE, SUBJECT TO THE LIMI- TATIONS OF SECTION 170(B) OF THE INTERNAL REVENUE CODE, AND DETERMINED WITHOUT REGARD TO WHETHER OR NOT THE TAXPAYER ITEMIZES DEDUCTIONS; (2) "PREPARED FOOD" MEANS FOOD THAT MEETS ALL QUALITY AND LABELING STANDARDS IMPOSED BY FEDERAL, STATE, AND LOCAL LAWS AND REGULATIONS EVEN THOUGH THE FOOD MAY NOT BE READILY MARKETABLE DUE TO APPEARANCE, AGE, FRESHNESS, GRADE, SIZE, SURPLUS, OR OTHER CONDITIONS, AND INCLUDES: (I) FOOD WHICH IS COOKED OR HEATED BY THE QUALIFYING TAXPAYER; (II) TWO OR MORE INGREDIENTS MIXED TOGETHER TO BE EATEN AS A SINGLE ITEM; OR (III) ANY INGREDIENTS SUPPLIED FOR INGESTION OR CHEWING BY HUMANS THAT ARE CONSUMED FOR THEIR TASTE OR NUTRITIONAL VALUE; EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD02134-04-6
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