Instructions for Form IT-649 Farm Donations to Food Pantries Credit - New York

Form IT-649 Farm Donations to Food Pantries Credit - New York

This document contains official instructions for Form IT-649 , Farm Donations to Food Pantries Credit - a form released and collected by the New York State Department of Taxation and Finance. An up-to-date fillable Form IT-649 is available for download through this link.

FAQ

Q: What is Form IT-649?A: Form IT-649 is a tax form in New York used to claim the Farm Donations to Food Pantries Credit.

Q: Who can claim the Farm Donations to Food Pantries Credit?A: Farmers in New York who make qualifying donations to food pantries can claim this credit.

Q: What is the purpose of the Farm Donations to Food Pantries Credit?A: The purpose of this credit is to incentivize farmers to donate food products to eligible food pantries.

Q: How do I qualify for the Farm Donations to Food Pantries Credit?A: To qualify, you must be a farmer in New York and make eligible donations of food products to eligible food pantries.

Q: What types of donations are eligible for the credit?A: Eligible donations include fresh fruits and vegetables, meats, dairy products, and processed farm products.

Q: How much is the Farm Donations to Food Pantries Credit?A: The credit is equal to 25% of the fair market value of the total eligible donations made during the tax year, up to a maximum credit of $5,000.

Q: How do I claim the Farm Donations to Food Pantries Credit?A: You must complete and file Form IT-649 with your New York state tax return, including documentation of your eligible donations.

Q: Is the Farm Donations to Food Pantries Credit refundable?A: No, the credit is non-refundable, but any unused credit can be carried forward for up to 15 years.

Q: Are there any limitations on claiming the credit?A: Yes, the credit is subject to certain limitations, including a maximum credit of $5,000 per taxpayer and a total annual statewide cap.