Creates a vending to food pantries and soup kitchens tax credit.
Summary
Bill A03473 proposes to amend New York's tax law by introducing a tax credit for farmers who sell fruits and vegetables to food pantries and soup kitchens. Specifically, the bill allows farmers to claim a credit equal to fifty percent of the revenue earned from such sales against their state tax liability. The credit is designed to incentivize local agricultural production and support food assistance programs by making it financially beneficial for farmers to contribute surplus produce to these organizations.
Impact
If enacted, this bill would create a new tax incentive for farmers in New York, potentially increasing the volume of fresh produce available to food pantries and soup kitchens. It would amend existing tax laws to include provisions for this specific credit, which could lead to a positive impact on food security for low-income populations. The bill also stipulates that the unused portion of the credit cannot be carried forward to future tax years, which may limit its appeal for some farmers.
Sentiment
The general sentiment around Bill A03473 appears to be supportive, as it aligns with efforts to enhance food security and promote local agriculture. However, without recorded votes or committee discussions, it is difficult to gauge the full extent of support or opposition from lawmakers or stakeholders.
Contention
Notable points of contention may arise regarding the implementation and administration of the tax credit, including concerns about the verification process for sales to food pantries and soup kitchens. Some stakeholders may question whether the credit is sufficient to incentivize farmers or if it will lead to unintended consequences in the agricultural market.
An act to amend Sections 17053.88.5, 18855, and 23688.5 of the Revenue and Taxation Code, relating to taxation, and making an appropriation therefor. therefor, and declaring the urgency thereof, to take effect immediately.
Increases tax credits for donations to food pantries made by farmers by increasing the allowable percentage of the fair market value of such donations and increasing the maximum amount of such credit.
Increases tax credits for donations to food pantries made by farmers by increasing the allowable percentage of the fair market value of such donations and increasing the maximum amount of such credit.
Establishes a tax credit for food service establishment donations to food pantries, in the amount of fifty percent of the marketed value of each of the taxpayer's qualified donations up to six dollars per qualified donation, beginning with the 2027 tax year.