Farm donations to food pantries credit
Who is eligible?
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 to any eligible food pantry operating in New York during the tax year, not to exceed $5,000 per tax year.
What are the recordkeeping requirements?
To claim the credit, you or your business must receive and keep a receipt (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 keep the receipt from the eligible food pantry as well as proof of how the donation was valued. Acceptable proof of valuation includes USDA online price reports and local co-op pricing guidelines for the date the donation was made.
- Frequently asked questions about the farm donations to food pantries credit.
- Form CT-649, Farm Donations to Food Pantries Credit, and its instructions (for corporations); or
- Form IT-649, Farm Donations to Food Pantries Credit, and its instructions (for all others).
- TSB-18(4)C, (5)I, Farm Donations to Food Pantries Credit.
To learn about other New York State tax credits available to businesses, see Business incentives.