Increases tax credits for donations to food pantries made by farmers by increasing the allowable percentage of the fair market value of such.

This bill amends the tax law to increase tax credits for donations to food pantries made by farmers. It raises the allowable percentage of the fair market value of such donations from twenty-five to fifty percent and increases the maximum amount of such credit from five to ten thousand dollars per taxable year. If the taxpayer is a partner in a partnership or a shareholder of a New York S corporation, the cap is applied at the entity level, ensuring the aggregate credit allowed to all partners or shareholders does not exceed ten thousand dollars. The changes 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.

This bill amends the tax law to increase tax credits for donations to food pantries made by farmers. It raises the allowable percentage of the fair market value of such donations from twenty-five to fifty percent and increases the maximum amount of such credit from five to ten thousand dollars per taxable year. If the taxpayer is a partner in a partnership or a shareholder of a New York S corporation, the cap is applied at the entity level, ensuring the aggregate credit allowed to all partners or shareholders does not exceed ten thousand dollars. The changes take effect immediately.