Bill Text: NY A00068 | 2021-2022 | General Assembly | Introduced


Bill Title: Provides that excess investment tax credit amounts may be refundable to operators of a farm operation.

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2022-01-05 - referred to ways and means [A00068 Detail]

Download: New_York-2021-A00068-Introduced.html



                STATE OF NEW YORK
        ________________________________________________________________________

                                           68

                               2021-2022 Regular Sessions

                   IN ASSEMBLY

                                       (Prefiled)

                                     January 6, 2021
                                       ___________

        Introduced  by M. of A. GUNTHER, LUPARDO, COOK, BENEDETTO, STECK, JONES,
          BLANKENBUSH, MONTESANO,  FRIEND,  PALMESANO,  BRABENEC,  B. MILLER  --
          Multi-Sponsored by -- M. of A. BARCLAY, J. M. GIGLIO, GOODELL, HAWLEY,
          RAMOS,  J. RIVERA  --  read once and referred to the Committee on Ways
          and Means

        AN ACT to amend the tax  law,  in  relation  to  providing  that  excess
          investment tax credit amounts may be refundable to operators of a farm
          operation

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Subdivision 1 of section 210-B of the tax law is amended by
     2  adding a new paragraph (e-1) to read as follows:
     3    (e-1) Notwithstanding any other provision  of  this  subdivision,  for
     4  taxable  years beginning on or after January first, two thousand twenty-
     5  one, if the credit allowed under this subdivision is  greater  than  the
     6  tax  due  in  any  taxable  year  for a taxpayer whose primary source of
     7  income is derived from operating a farm  operation,  such  taxpayer  may
     8  elect  to  treat the amount by which such credit exceeds such tax due as
     9  an overpayment of tax to be refunded in accordance with  the  provisions
    10  of  section ten hundred eighty-six of this chapter. For purposes of this
    11  paragraph, the term "farm operation" shall have the same meaning as such
    12  term is defined in subdivision eleven of section three  hundred  one  of
    13  the agriculture and markets law.
    14    § 2. Subsection (a) of section 606 of the tax law is amended by adding
    15  a new paragraph 5-a to read as follows:
    16    (5-a)  Notwithstanding  any  other  provision  of this subsection, for
    17  taxable years beginning on or after January first, two thousand  twenty-
    18  one, if the credit allowed under this subsection is greater than the tax
    19  due in any taxable year for a taxpayer whose primary source of income is
    20  derived  from  operating  a  farm  operation, such taxpayer may elect to

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02502-01-1

        A. 68                               2

     1  treat the amount by which such credit exceeds such tax due as  an  over-
     2  payment  of  tax  to  be  refunded  in accordance with the provisions of
     3  section six hundred eighty-six of this article.  For  purposes  of  this
     4  paragraph, the term "farm operation" shall have the same meaning as such
     5  term  is  defined  in subdivision eleven of section three hundred one of
     6  the agriculture and markets law.
     7    § 3. This act shall take effect immediately, and shall  be  deemed  to
     8  have been in full force and effect on and after January 1, 2021.
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