NY S07833

Creates a 25 percent tax credit on the wholesale cost of fresh food donations made by eligible farmers to food banks or emergency food programs operating in New York State, up to $5,000 per year.

Defines eligible farmers as New York State resident taxpayers whose federal gross income from farming represents at least two-thirds of their excess federal gross income (total federal income minus up to $30,000 in earned income, pensions, interest, and dividends).

Applies to taxable years beginning January 1, 2017, with credits not reducing tax below the minimum tax fixed by law; excess credits treated as overpayments without interest.

Requires the Department of Agriculture and Markets and Department of Taxation and Finance to establish accepted wholesale prices for qualified donations and promulgate implementing rules and regulations.