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Instructions for Form CT-649
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Instructions for Form CT-649 Farm Donations to Food Pantries Credit - New York
This document contains official instructions for Form CT-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 CT-649 is available for download through this link.
FAQ
Q: What is Form CT-649?
A: Form CT-649 is a tax form used in New York to claim the Farm Donations to Food Pantries Credit.
Q: What is the purpose of the Farm Donations to Food Pantries Credit?
A: The purpose of the Farm Donations to Food Pantries Credit is to provide a tax credit to farmers who make donations of fruits, vegetables, or dairy products to eligible food pantries or food banks.
Q: Who can claim the Farm Donations to Food Pantries Credit?
A: Farmers who make eligible donations to food pantries or food banks in New York State can claim the Farm Donations to Food Pantries Credit.
Q: What types of donations are eligible for the tax credit?
A: Donations of fruits, vegetables, or dairy products made by farmers to eligible food pantries or food banks are eligible for the tax credit.
Q: How much is the tax credit?
A: The tax credit is equal to 25% of the fair market value of the 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: To claim the tax credit, farmers must complete and file Form CT-649 along with their New York State tax return.
Q: What documentation is required to support the tax credit claim?
A: Farmers must maintain records that show the types, quantities, and dates of the donated products, as well as proof of delivery to the eligible food pantry or food bank.
Q: Are there any limitations or restrictions on the tax credit?
A: Yes, there are limitations and restrictions on the tax credit. Farmers cannot claim the credit for donations that have already been deducted as a charitable contribution for federal income tax purposes, and the total amount of tax credits claimed by all farmers cannot exceed $10 million per tax year.
Q: Are there any deadlines for claiming the tax credit?
A: Yes, the tax credit must be claimed within three years from the due date of the tax return or the date it was filed, whichever is later.
Instruction Details:
- This 4-page document is available for download in PDF;
- Actual and applicable for this year;
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