S 8719 —

Compared against the New York Consolidated Laws as published AI-generated reading aid — verify against the official bill.

This bill amends 1 section(s) of the New York Consolidated Laws: Section 210-B of the tax law.

• Section 210-B of the tax law

  63. Credit for food service establishment donations to food pantries. (a) Allowance of credit. In the case of a taxpayer that is a food service establishment, there shall be allowed a credit, to be computed as hereinafter provided against the tax imposed by this article for taxable years beginning on and after January first, two thousand twen- ty-seven. The amount of the credit shall be fifty percent of the fair market value of the taxpayer's qualified donations up to seven dollars per qualified donation made to any eligible community-based organization during the taxable year, not to exceed ten thousand dollars total per taxable year. If the taxpayer is a partner in a partnership, then the cap imposed by the preceding sentence shall be applied at the entity level, so the aggregate credit allowed to all partners of such entity in the taxable year does not exceed ten thousand dollars. (b) Definitions. For the purposes of this subdivision, the following terms shall have the following meanings: (i) "Food service establishment" means a taxpayer whose federal gross income from prepared food sales for the taxable year is at least half of such taxpayer's federal gross income. Such taxpayer may be a corpo- ration, partnership, or individual. (ii) "Qualified donation" means a donation of a prepared meal adhering to the standards of the most recent edition of the Dietary Guidelines italics for Americans required by 7 U.S.C. § 5341. A qualified donation shall not be transferred by the eligible food service establishment to the eligible community-based organization in exchange for money, other prop- erty, or services. (iii) "Eligible community-based organization" means any program oper- ating within this state that accepts or distributes prepared meals and has qualified for tax exemption under section 501(c)(3) of the internal revenue code. (c) Record of donation. (i) To claim a credit under this subdivision, a taxpayer must get and keep a receipt from the eligible community-based organization showing: (1) the name of the eligible community-based organization; (2) a geotag and time stamp showing the date and location of the qualified donation; (3) a reasonably detailed description of the qualified donation, including ingredients and meal composition; (4) the signature of a representative of the eligible community-based organiza- tion; (5) a photograph or photographs of the donated meals; (6) the Internal Revenue Service employer identification number of both the food service establishment and the eligible community-based organization; and (7) the local health department rating or equivalent at the time the donation was made. (ii) A letter or other written communication from the eligible commu- nity-based organization acknowledging receipt of the contribution and containing the information in clauses one, two, and three of subpara- graph (i) of this paragraph shall serve as a receipt. (d) Application of credit. The credit allowed under this subdivision for any taxable year shall not reduce the tax due for such year to less than the amount prescribed in paragraph (d) of subdivision one of section two hundred ten of this article. However, if the amount of cred- it allowed under this subdivision for any taxable year reduces the tax to such amount or if the taxpayer otherwise pays tax based on the fixed dollar minimum amount, any amount of credit thus not deductible in such taxable year shall 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 shall be paid thereon. (e) Authority to issue tax credit. Any city in this state having a population of one million or more inhabitants, acting through its local legislative body, is hereby authorized and empowered to adopt and amend local laws and rules offering a tax credit a

  amended

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