Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 03, 2016 |
print number 3128a |
Jun 03, 2016 |
amend (t) and recommit to investigations and government operations |
Jan 06, 2016 |
referred to investigations and government operations |
Feb 02, 2015 |
referred to investigations and government operations |
Senate Bill S3128A
2015-2016 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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
(R, C) 60th Senate District
(R, C, IP) 62nd Senate District
(D) Senate District
(R, C, IP) Senate District
2015-S3128 - Details
2015-S3128 - Sponsor Memo
BILL NUMBER:S3128 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 food inventory to charitable organizations PURPOSE: This bill would create a state income tax credit for business franchises that donate excess food to charitable organizations. SUMMARY OF PROVISIONS: This bill amends the tax law to define and describe the charitable contributions of food inventory credit. The credit shall equal 10% of the business's net income for federal income tax purposes for the taxable year. For purposes of this section the terms "charitable contribution" and "apparently wholesome food" shall have the same meaning as defined in Title 26 of the United States Code, section 170. JUSTIFICATION:
2015-S3128 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3128 2015-2016 Regular Sessions I N S E N A T E February 2, 2015 ___________ Introduced by Sen. FUNKE -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations 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
(R, C) 60th Senate District
(R, C, IP) 62nd Senate District
(D) Senate District
(R, C, IP) Senate District
2015-S3128A (ACTIVE) - Details
2015-S3128A (ACTIVE) - Sponsor Memo
BILL NUMBER: S3128A 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.
2015-S3128A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3128--A 2015-2016 Regular Sessions I N S E N A T E February 2, 2015 ___________ Introduced by Sens. FUNKE, GALLIVAN, ORTT, PANEPINTO, RITCHIE -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations -- recommitted to the Committee on Investigations and Government Operations in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said commit- tee 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 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD02134-03-6
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