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Instructions for Form IT-649
for the current year.
Instructions for 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 used in New York 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 qualified 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 agricultural products to food pantries in order to help those in need.
Q: How do I qualify for the Farm Donations to Food Pantries Credit?
A: To qualify for the credit, you must be a farmer in New York and make qualified donations of eligible agricultural products to a qualified food pantry or hunger relief organization.
Q: What are eligible agricultural products for the credit?
A: Eligible agricultural products include fresh fruits and vegetables, eggs, dairy products, meat, poultry, and fish, among others.
Q: What is the amount of the credit?
A: The credit is equal to 25% of the fair market value of the qualified donations made during the tax year, up to a maximum of $5,000.
Q: How do I report the Farm Donations to Food Pantries Credit?
A: You need to complete and submit Form IT-649 along with your New York state tax return.
Q: Can I carry forward any unused credit?
A: No, any unused portion of the credit cannot be carried forward to future tax years.
Q: Are there any specific record-keeping requirements for claiming the credit?
A: Yes, you must keep records to substantiate your qualified donations, including the type and quantity of agricultural products donated, the fair market value, and the name and address of the food pantry or hunger relief organization.
Instruction Details:
- This 5-page document is available for download in PDF;
- Might not be applicable for the current year. Choose a more recent version;
- Complete, printable, and free.
Download your copy of the instructions by clicking the link below or browse hundreds of other forms in our library of forms released by the New York State Department of Taxation and Finance.
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