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NY A07278
Bill
Status
Introduced
4/27/2011
Primary Sponsor
Annie Rabbitt
Click for details
AI Summary
- Allows eligible farmers a tax credit equal to 25 percent of qualified donations made to food banks or emergency food programs operating in New York State
- Defines "eligible farmer" as a taxpayer whose federal gross income from farming comprises at least two-thirds of their excess federal gross income
- Excess federal gross income is calculated by subtracting up to $30,000 in earned income, pension payments, interest, and dividends from total federal gross income
- Includes payments from the State's Farmland Protection Program as qualifying farm income for otherwise eligible farmers
- Permits excess credits to be paid to the taxpayer as an overpayment by the Comptroller without interest, effective January 1, 2012
Legislative Description
Establishes a tax credit for farmers who make food donations to food banks or other emergency food programs.
Last Action
held for consideration in ways and means
6/19/2012
Committee Referrals
Ways and Means4/27/2011
Full Bill Text
No bill text available