Increases tax credits for donations to food pantries made by farmers
Impact
Should A10131 be enacted, the increased tax credits could have a significant positive impact on food banks and pantries throughout New York State. By providing greater financial incentives for farmers to donate, the legislation is expected to enhance the availability of food resources for those in need. The changes might encourage more farmers to participate in donation programs, ultimately benefiting agricultural producers and local food security efforts.
Summary
Bill A10131 proposes to amend New York's tax law to increase tax credits available to eligible farmers who make donations to food pantries. The bill raises the credit from 25% to 50% of the fair market value of the donations and raises the maximum allowable credit from $5,000 to $10,000 per taxable year. This change aims to incentivize farmers to contribute to food pantries, addressing food insecurity and supporting local communities.
Contention
There may be points of contention surrounding the funding of these tax credits and their enforceability. Some stakeholders could argue about the long-term implications of increasing tax expenditures, especially if there is a lack of accountability or if the anticipated increase in donations does not materialize. Concerns might also arise about the fairness of the tax credit allocation among various types of farmers, as well as the logistical issues of managing such donations effectively.
Same As
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.
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.
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.