Farm donations to food pantries credit
For tax years beginning on or after January 1, 2018, you are entitled to this refundable credit if:
- you are an eligible farmer, and
- you or your business made a qualified donation to an eligible food pantry.
How much is the credit?
The amount of the credit is 25% of the fair market value of the qualified donations made during the tax year, not to exceed $5,000 per tax year.
Record of donation
To claim the credit, you or your business must receive and keep a receipt (letter or other written communication) from the eligible food pantry showing the following:
- the name and EIN of the eligible food pantry,
- the date and location of the qualified donation, and
- a reasonably detailed description of the qualified donation.
The taxpayer must retain the receipt from the eligible food pantry as well as a means of valuing the donation applicable to the date of the donation. Acceptable means of valuation include USDA online price reports as well as local co-op pricing guidelines.
For additional information, see:
Check back to access the 2018 credit forms when they become available.
To learn about other New York State tax credits available to businesses, see Business incentives.