Bill Text: NY A04471 | 2017-2018 | General Assembly | Amended
Bill Title: Creates an agricultural crop loss personal income tax credit when such loss is due to frost injury.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2018-03-08 - print number 4471a [A04471 Detail]
Download: New_York-2017-A04471-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 4471--A 2017-2018 Regular Sessions IN ASSEMBLY February 2, 2017 ___________ Introduced by M. of A. MAGEE -- read once and referred to the Committee on Ways and Means -- recommitted to the Committee on Ways and Means in accordance with Assembly Rule 3, sec. 2 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said commit- tee AN ACT to amend the tax law, in relation to establishing an agricultural crop loss personal income tax credit The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 606 of the tax law is amended by adding a new 2 subsection (ccc) to read as follows: 3 (ccc) Agricultural crop loss tax credit. (1) Allowance of credit. A 4 taxpayer whose federal gross income from farming for the taxable year is 5 at least two-thirds of excess federal gross income shall be allowed a 6 credit against the tax imposed by this article for the loss or damage of 7 eligible crops as a result of frost injury for taxable years beginning 8 on or after January first, two thousand nineteen. The amount of the 9 credit shall be equal to thirty-five percent of the average value of the 10 unit of production for New York state as reported by the USDA National 11 Agricultural Statistics Service in a given year, multiplied by acreage 12 in production, including newly planted acreage, for the growing season 13 of such year. 14 (2) Application of credit. If the amount of the credit allowed under 15 this subsection for such taxable year shall exceed the taxpayer's tax 16 for such year, the excess shall be treated as an overpayment of tax to 17 be credited or refunded in accordance with the provisions of section six 18 hundred eighty-six of this article, provided, however, that no interest 19 shall be paid thereon. 20 (3) For the purposes of this subsection, the term "eligible crop" 21 shall mean: (a) fruits, including apples, peaches, grapes, cherries and 22 berries, (b) vegetables, including tomatoes, snap beans, cabbage, 23 carrots, beets and onions, and (c) potatoes and dry beans. 24 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD07620-03-8