NY A10584

Establishes a tax credit of 25 percent of the wholesale cost of qualified donations made by eligible farmers to food banks or emergency food programs, capped at $5,000 per year, effective for taxable years beginning January 1, 2017.

Defines an "eligible farmer" as a New York state resident whose federal gross income from farming is at least two-thirds of their excess federal gross income, with excess federal gross income calculated by reducing total federal income by up to $30,000 in non-farming sources.

Qualifies donations of any fresh food item grown or produced by an eligible farmer to any food bank or public, charitable, or not-for-profit emergency food program operating within New York state.

Requires the Department of Agriculture and Markets, in conjunction with the Department of Taxation and Finance, to establish accepted wholesale prices for qualified donations and promulgate necessary rules and regulations.

Excess credits that reduce tax liability below the minimum tax are treated as overpayments refundable under tax law, provided no interest is paid on such refunds.