Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
May 21, 2014 |
print number 7459a |
May 21, 2014 |
amend and recommit to investigations and government operations |
May 15, 2014 |
referred to investigations and government operations |
Senate Bill S7459A
2013-2014 Legislative Session
Sponsored By
(R) Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Bill Amendments
2013-S7459 - Details
2013-S7459 - Sponsor Memo
BILL NUMBER:S7459 TITLE OF BILL: An act to amend the tax law, in relation to establishing business franchise and personal income tax credits for businesses that donate food inventory to charitable organizations PURPOSE: This bill would create a state income tax credit for business franchises that donate excess food to charitable organizations. SUMMARY OF PROVISIONS: This bill amends the tax law to define and describe the charitable contributions of food inventory credit. The credit shall equal 10% of the business's net income for federal income tax purposes for the taxable year. For purposes of this section the terms "charitable contribution" and "apparently wholesome food" shall have the same meaning as defined in Title 26 of the United States Code, section 170. JUSTIFICATION: Food waste accounts for the largest type of waste in the United States. The Environmental Protection Agency recognizes that prepared food donation is an effective use of excess food, reducing green house gas emissions from land fills and waste combustion. Many New York businesses are already donating left over food to relief agencies across the state. This bill would reward those businesses and encourage others to contribute surplus food to the New Yorkers who need it the most. The goal of this bill is to allow the taxpayer to claim a refunda- ble tax credit for charitable wholesome food contributions from their
2013-S7459 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7459 I N S E N A T E May 15, 2014 ___________ Introduced by Sen. MAZIARZ -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations AN ACT to amend the tax law, in relation to establishing business fran- chise and personal income tax credits for businesses that donate food inventory to charitable organizations THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 210 of the tax law is amended by adding a new subdivision 50 to read as follows: 50. CHARITABLE CONTRIBUTIONS OF FOOD INVENTORY CREDIT. (A) GENERAL. A TAXPAYER WHO CLAIMS A DEDUCTION UNDER TITLE 26 OF THE UNITED STATES CODE, SECTION 170, SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE, FOR CHARITABLE CONTRIBUTIONS OF APPARENTLY WHOLESOME FOOD FROM SUCH TAXPAYER'S TRADE OR BUSINESSES. (B) DEFINITIONS. FOR PURPOSES OF THIS SECTION, THE TERMS "CHARITABLE CONTRIBUTION" AND "APPARENTLY WHOLESOME FOOD" SHALL HAVE THE SAME MEAN- ING AS SUCH TERMS ARE DEFINED IN TITLE 26 OF THE UNITED STATES CODE, SECTION 170. (C) AMOUNT OF CREDIT. THE CREDIT AUTHORIZED BY THIS SECTION SHALL EQUAL TEN PERCENT OF THE AMOUNT OF SUCH CONTRIBUTION OF APPARENTLY WHOLESOME FOOD DEDUCTED BY SUCH TAXPAYER IN COMPUTING FEDERAL TAXABLE INCOME FOR THE TAXABLE YEAR. (D) APPLICATION OF CREDIT. THE CREDIT ALLOWED UNDER THIS SUBDIVISION FOR ANY TAXABLE YEAR WILL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO LESS THAN THE MINIMUM TAX FIXED BY THIS ARTICLE. HOWEVER, IF THE AMOUNT OF CREDIT ALLOWED UNDER THIS SUBDIVISION FOR ANY TAXABLE YEAR REDUCES THE TAX TO SUCH AMOUNT, ANY AMOUNT OF CREDIT THUS NOT DEDUCTIBLE IN SUCH TAXABLE YEAR WILL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SECTION ONE THOUSAND EIGHTY-SIX OF THIS CHAPTER. PROVIDED, HOWEVER, THE PROVISIONS OF SUBSECTION (C) OF SECTION ONE THOUSAND EIGHTY-EIGHT OF THIS CHAPTER NOTWITHSTANDING, NO INTEREST WILL BE PAID THEREON. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD14045-02-4
2013-S7459A (ACTIVE) - Details
2013-S7459A (ACTIVE) - Sponsor Memo
BILL NUMBER:S7459A TITLE OF BILL: An act to amend the tax law, in relation to establishing business franchise and personal income tax credits for businesses that donate food inventory to charitable organizations PURPOSE: This bill would create a state income tax credit for business franchises that donate excess food to charitable organizations. SUMMARY OF PROVISIONS: This bill amends the tax law to define and describe the charitable contributions of food inventory credit. The credit shall equal 10% of the business's net income for federal income tax purposes for the taxable year. For purposes of this section the terms "charitable contribution" and "apparently wholesome food" shall have the same meaning as defined in Title 26 of the United States Code, section 170. JUSTIFICATION: Food waste accounts for the largest type of waste in the United States. The Environmental Protection Agency recognizes that prepared food donation is an effective use of excess food, reducing green house gas emissions from land fills and waste combustion. Many New York businesses are already donating left over food to relief agencies across the state. This bill would reward those businesses and encourage others to contribute surplus food to the New Yorkers who need it the most. The goal of this bill is to allow the taxpayer to claim a refundable tax credit for charitable wholesome food
2013-S7459A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7459--A I N S E N A T E May 15, 2014 ___________ Introduced by Sen. MAZIARZ -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the tax law, in relation to establishing business fran- chise and personal income tax credits for businesses that donate food inventory to charitable organizations THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 210 of the tax law is amended by adding a new subdivision 50 to read as follows: 50. CHARITABLE CONTRIBUTIONS OF FOOD INVENTORY CREDIT. (A) GENERAL. A TAXPAYER WHO CLAIMS A DEDUCTION UNDER TITLE 26 OF THE UNITED STATES CODE, SECTION 170, SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE, FOR CHARITABLE CONTRIBUTIONS OF APPARENTLY WHOLESOME FOOD FROM SUCH TAXPAYER'S TRADE OR BUSINESSES. (B) DEFINITIONS. FOR PURPOSES OF THIS SECTION, THE TERMS "CHARITABLE CONTRIBUTION" AND "APPARENTLY WHOLESOME FOOD" SHALL HAVE THE SAME MEAN- ING AS SUCH TERMS ARE DEFINED IN TITLE 26 OF THE UNITED STATES CODE, SECTION 170. (C) AMOUNT OF CREDIT. THE CREDIT AUTHORIZED BY THIS SECTION SHALL EQUAL TEN PERCENT OF THE AMOUNT OF SUCH CONTRIBUTION OF APPARENTLY WHOLESOME FOOD DEDUCTED BY SUCH TAXPAYER IN COMPUTING FEDERAL TAXABLE INCOME FOR THE TAXABLE YEAR. (D) APPLICATION OF CREDIT. THE CREDIT ALLOWED UNDER THIS SUBDIVISION FOR ANY TAXABLE YEAR WILL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO LESS THAN THE MINIMUM TAX FIXED BY THIS ARTICLE. HOWEVER, IF THE AMOUNT OF CREDIT ALLOWED UNDER THIS SUBDIVISION FOR ANY TAXABLE YEAR REDUCES THE TAX TO SUCH AMOUNT, ANY AMOUNT OF CREDIT THUS NOT DEDUCTIBLE IN SUCH TAXABLE YEAR WILL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SECTION ONE THOUSAND EIGHTY-SIX OF THIS CHAPTER. PROVIDED, HOWEVER, THE PROVISIONS OF SUBSECTION (C) OF SECTION ONE THOUSAND EIGHTY-EIGHT OF THIS CHAPTER NOTWITHSTANDING, NO INTEREST WILL BE PAID THEREON. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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