Senate Bill S1606

2017-2018 Legislative Session

Relates to establishing a credit for donation to a food bank or other emergency food program by New York state farmers

download bill text pdf

Sponsored By

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

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2017-S1606 (ACTIVE) - Details

Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §§606 & 210-B, Tax L
Versions Introduced in 2015-2016 Legislative Session:
S7833

2017-S1606 (ACTIVE) - Summary

Establishes a tax credit for donation of wholesome food to a food bank or other emergency food program by eligible New York state farmers.

2017-S1606 (ACTIVE) - Sponsor Memo

2017-S1606 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1606
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             January 10, 2017
                                ___________
 
 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 a credit for donations to  a
   food bank or other emergency food program by New York state farmers

   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-2) to read as follows:
   (N-2)  CREDIT  FOR  FARM  DONATIONS  TO  FOOD  BANK  OR EMERGENCY FOOD
 PROGRAM. (1) GENERAL. IN THE CASE OF A TAXPAYER WHO IS AN ELIGIBLE FARM-
 ER, THERE SHALL BE ALLOWED A  CREDIT,  TO  BE  COMPUTED  AS  HEREINAFTER
 PROVIDED  AGAINST  THE  TAX IMPOSED BY THIS ARTICLE FOR TAXABLE YEARS ON
 AND AFTER JANUARY FIRST, TWO THOUSAND EIGHTEEN. THE AMOUNT OF THE CREDIT
 SHALL BE TWENTY-FIVE PERCENT OF THE WHOLESALE  COST  OF  THE  TAXPAYER'S
 QUALIFIED  DONATIONS,  AS DEFINED IN PARAGRAPH THREE OF THIS SUBSECTION,
 MADE TO ANY FOOD BANK OR  OTHER  PUBLIC,  CHARITABLE  OR  NOT-FOR-PROFIT
 EMERGENCY  FOOD PROGRAM OPERATING WITHIN THIS STATE, UP TO FIVE THOUSAND
 DOLLARS PER YEAR.
   (2) ELIGIBLE FARMER. FOR PURPOSES OF THIS SUBSECTION, THE TERM "ELIGI-
 BLE FARMER" MEANS A NEW YORK STATE RESIDENT 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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