NY A08986

Allows eligible farmers a tax credit equal to 25 percent of qualified donations to food banks or emergency food programs operating in New York State, capped at $1,000 per taxable year

Defines an eligible farmer as a taxpayer whose federal gross income from farming comprises at least two-thirds of their excess federal gross income (total income minus certain earned income, pensions, interest, and dividends up to $30,000)

Includes payments from the state's Farmland Protection Program administered by the Department of Agriculture and Markets as federal gross income from farming for otherwise eligible farmers

Allows excess tax credits to be treated as overpayments and refunded or credited without interest, per existing tax code procedures

Takes effect on January 1 of the year following enactment and applies to taxable years beginning on or after that date