Bill Text: NY A04772 | 2017-2018 | General Assembly | Amended
Bill Title: Relates to providing insurance corporations with a tax credit for investments made in rural business growth funds; establishes the New York agriculture and rural jobs fund.
Spectrum: Slight Partisan Bill (Democrat 11-7)
Status: (Introduced - Dead) 2018-06-12 - substituted by s4727b [A04772 Detail]
Download: New_York-2017-A04772-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 4772--C 2017-2018 Regular Sessions IN ASSEMBLY February 3, 2017 ___________ Introduced by M. of A. WOERNER, ORTIZ, LUPARDO, PEOPLES-STOKES, HAWLEY, BRINDISI, PALMESANO, JENNE, STEC, STIRPE, BLANKENBUSH, JONES, MAGEE, SANTABARBARA -- Multi-Sponsored by -- M. of A. GIGLIO -- 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 committee -- again reported from said commit- tee with amendments, ordered reprinted as amended and recommitted to said committee -- again reported from said committee with amendments, ordered reprinted as amended and recommitted to said committee AN ACT to amend the tax law, in relation to providing insurance corpo- rations with a tax credit for investments made in rural business growth funds; and to amend the state finance law, in relation to establishing the New York agriculture and rural jobs fund The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The tax law is amended by adding a new section 44 to read 2 as follows: 3 § 44. New York agriculture and rural jobs credit. (a) Definitions. For 4 the purpose of this section the following terms shall have the following 5 meanings: 6 (1) "Affiliate" means a person that directly, or indirectly through 7 one or more intermediaries, controls, is controlled by, or is under 8 common control with another person. For the purposes of this division, a 9 person is "controlled by" another person if the controlling person 10 holds, directly or indirectly, the majority voting or ownership interest 11 in the controlled person or has control over the day-to-day operations 12 of the controlled person by contract or by law. 13 (2) "Closing date" means the date on which a rural business growth 14 fund has collected all of the amounts specified by subparagraphs (A) and 15 (B) of paragraph seven of subdivision (b) of this section. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD08845-08-8A. 4772--C 2 1 (3) "Credit-eligible capital contribution" means an investment of cash 2 by a person in a rural business growth fund that equals the amount spec- 3 ified on a tax credit certificate issued by the department under subpar- 4 agraph (B) of paragraph six of subdivision (b) of this section. The 5 investment shall purchase an equity interest in the rural business 6 growth fund or purchase, at par value or premium, a debt instrument 7 issued by the rural growth fund that meets all of the following crite- 8 ria: 9 (A) The debt instrument has an original maturity date of at least five 10 years after the date of issuance. 11 (B) The debt instrument has a repayment schedule that is not faster 12 than a level principal amortization over five years. 13 (C) The debt instrument has no interest, distribution, or payment 14 features dependent on the rural business growth fund's profitability or 15 the success of the rural growth investments. 16 (4) "Eligible investment authority" means the amount stated on the 17 notice issued under subparagraph (A) of paragraph six of subdivision (b) 18 of this section certifying the rural business growth fund. At least 19 sixty-five percent of a rural business growth fund's eligible investment 20 authority shall be comprised of credit-eligible capital contributions. 21 (5) A business's "principal business operations" are in this state if 22 at least eighty percent of the business's employees reside in this 23 state, the individuals who receive eighty percent of the business's 24 payroll reside in this state, or the business has agreed to use the 25 proceeds of a rural growth investment to relocate at least eighty 26 percent of its employees to this state or pay at least eighty percent of 27 its payroll to individuals residing in this state. 28 (6) "Rural area" shall have the same meaning as defined in subdivision 29 seven of section four hundred eighty-one of the executive law. 30 (7) "Rural business concern" means an operating company that, at the 31 time if the initial investment in the company by a rural business growth 32 fund, has its principal business operations in this state, has fewer 33 than one hundred fifty employees or not more than ten million dollars in 34 net income for the preceding taxable year, and meets either of the 35 following criteria: 36 (A) The business's principal business operations are located in a 37 rural area; or 38 (B) The business produces or provides any goods or services normally 39 used by farmers, ranchers, or producers and harvesters of aquatic 40 products in their business operations, or to improve the welfare or 41 livelihood of such persons, or is involved in the processing and market- 42 ing of agricultural products, farm supply, and input suppliers, provided 43 that such business is not located in a municipality with a population of 44 more than fifty thousand. For the purposes of this section, "net 45 income" means federal adjusted gross income as required to be reported 46 under the Internal Revenue Code less federal and state taxes imposed on 47 or measured by income. Any business which is classified as a rural 48 business concern at the time of the initial investment in said business 49 by a rural business growth fund shall remain classified as a rural busi- 50 ness concern and may receive follow-on investments from any rural busi- 51 ness growth fund, and such follow-on investments shall be rural growth 52 investments even though such business may not meet the definition of a 53 rural business concern at the time of such follow-on investments. 54 (8) "Rural business growth fund" means an entity certified by the 55 department under this section.A. 4772--C 3 1 (9) "Rural growth investment" means any capital or equity investment 2 in a rural business concern or any loan to a rural business concern with 3 a term of at least one year. 4 (10) "Taxable year" when used in reference to an insurance company 5 means the calendar year ending on the thirty-first day of December next 6 preceding the day the annual report is required to be returned under 7 subdivision (d) of this section. 8 (b) Certification. (1) On and after August first, two thousand eigh- 9 teen, an applicant that has developed a business plan to invest in rural 10 business concerns in this state and has successfully solicited private 11 investors to make capital contributions in support of the plan may apply 12 to the department for certification as a rural business growth fund. The 13 application shall include all of the following: 14 (A) The total eligible investment authority sought by the applicant 15 under the business plan; 16 (B) Documents and other evidence sufficient to prove, to the satisfac- 17 tion of the department, that the applicant meets all of the following 18 criteria: (i) The applicant or an affiliate of the applicant is licensed 19 as a rural business investment company under 7 U.S.C. 2009cc, or as a 20 small business investment company under 15 U.S.C. 681. 21 (ii) As of the date the application is submitted, the applicant has 22 invested more than one hundred million dollars in operating companies, 23 including at least fifty million dollars in operating companies located 24 in rural areas. In computing investments under this division, the appli- 25 cant may include investments made by affiliates of the applicant. 26 (C) An estimate of the number of jobs that will be created or retained 27 in this state as a result of the applicant's rural growth investments; 28 (D) A revenue impact assessment for the applicant's proposed rural 29 growth investments prepared by a nationally recognized third-party inde- 30 pendent economic forecasting firm using a dynamic economic forecasting 31 model. The revenue impact assessment shall analyze the applicant's 32 business plan over the ten years following the date the application is 33 submitted to the department. 34 (E) A signed affidavit from each investor successfully solicited by 35 the applicant to make a credit eligible capital contribution in support 36 of the business plan. Each affidavit shall include information suffi- 37 cient for the tax commissioner to identify the investor and shall state 38 the amount of the investor's credit-eligible capital contribution. 39 (F) A nonrefundable application fee of five thousand dollars. 40 (2) The department shall review and make a determination with respect 41 to each application submitted under paragraph one of this subdivision 42 within thirty days of receipt. The department shall review and make 43 determinations on the applications in the order in which the applica- 44 tions are received by the department. Applications received by the 45 department on the same day shall be deemed to have been received simul- 46 taneously. Except as provided in paragraph four of subdivision (c) of 47 this section, the department shall not approve more than one hundred 48 million dollars in eligible investment authority or more than sixty-five 49 million dollars in credit-eligible capital contributions. 50 (3) The department shall deny an application submitted under this 51 section if any of the following are true: (A) The application is incom- 52 plete. 53 (B) The application fee is not paid in full. 54 (C) The applicant does not satisfy all the criteria described in 55 subparagraph (B) of paragraph one of this subdivision.A. 4772--C 4 1 (D) The revenue impact assessment submitted under subparagraph (D) of 2 paragraph one of this subdivision does not demonstrate that the appli- 3 cant's business plan will result in a positive economic impact on this 4 state over a ten-year period that exceeds the credit eligible capital 5 contributions sought by the applicant. 6 (E) The credit-eligible capital contributions described in affidavits 7 submitted under subparagraph (E) of paragraph one of this subdivision do 8 not equal sixty-five percent of the total amount of eligible investment 9 authority sought under the applicant's business plan. 10 (F) The department has already approved the maximum amount of eligible 11 investment authority and credit-eligible capital contributions allowed 12 under paragraph two of this subdivision. 13 (4) If the department denies an application under paragraph three of 14 this subdivision, the department shall send notice of its determination 15 of the applicant. The notice shall include the reasons that the applica- 16 tion was denied. If the application was denied for any reason other than 17 the reason specified in subparagraph (F) of paragraph three of this 18 subdivision, the applicant may provide additional information to the 19 department to complete, clarify, or cure defects in the application. 20 The additional information must be submitted within thirty days after 21 the date the notice of denial was sent by the department. If the person 22 or entity submits additional information within thirty days, the depart- 23 ment shall reconsider the application within thirty days after receiving 24 such additional information. If after submission of additional informa- 25 tion, the department approves the application, then the submission date 26 shall be the date of the original submission of the application. If the 27 person or entity does not submit additional information within thirty 28 days after the notice of denial was sent, the applicant may submit a new 29 application with a new submission date at any time. 30 (5) Of approving multiple simultaneously submitted applications would 31 result in exceeding the overall eligible investment limit prescribed by 32 paragraph two of this subdivision, the department shall proportionally 33 reduce the eligible investment authority and the credit-eligible capital 34 contributions for each approved application as necessary to avoid 35 exceeding the limit. 36 (6) The department shall not deny a rural business growth fund appli- 37 cation or reduce the requested eligible investment authority for reasons 38 other than those described in paragraphs three and five of this subdivi- 39 sion. If the department approves such application, the department shall 40 issue all of the following notices: (A) To the applicant, a written 41 notice certifying that the applicant qualifies as a rural business 42 growth fund and specifying the amount of the applicant's eligible 43 investment authority; (B) To each investor whose affidavit was included 44 in the application, a tax credit certificate specifying the amount of 45 the investor's credit-eligible capital contribution; (C) To the commis- 46 sioner, a copy of each tax credit certificate issued under subparagraph 47 (B) of this paragraph. 48 (7) A rural business growth fund shall complete all of the following 49 within sixty days of receiving the certification issued under subpara- 50 graph (A) of paragraph six of this subdivision: 51 (A) Collect the credit-eligible capital contributions from each inves- 52 tor issued a tax credit certificate under subparagraph (B) of paragraph 53 six of this subdivision; 54 (B) Collect one or more investments of cash, which shall purchase an 55 equity interest in the rural growth fund or a debt instrument issued by 56 the rural growth fund at par value or premium, with a maturity date ofA. 4772--C 5 1 at least five years from the closing date that, when added to the 2 contributions collected under subparagraph (A) of this paragraph, equal 3 the fund's eligible investment authority. At least ten percent of the 4 fund's eligible investment authority shall be comprised of equity 5 investments contributed by affiliates of the rural business growth fund, 6 including employees, officers, and directors of such affiliates. 7 (C) Send to the department documentation sufficient to prove that the 8 amounts described in subparagraphs (A) and (B) of this paragraph have 9 been collected. If the rural business growth fund fails to fully comply 10 with this paragraph, the fund's certification shall lapse. 11 (8) Eligible investment authority and corresponding credit-eligible 12 capital contributions that lapse under paragraph seven of this subdivi- 13 sion do not count toward limits on total eligible investment authority 14 and credit-eligible capital contributions prescribed in paragraph two of 15 this subdivision. Once eligible investment authority has lapsed, the 16 department shall first award lapsed authority pro rata to each rural 17 business growth fund that was awarded less than the requested eligible 18 investment authority under paragraph five of this subdivision. Any 19 remaining eligible investment authority may be awarded by the department 20 to new applicants. 21 (9) Application fees submitted to the department pursuant to subpara- 22 graph (F) of paragraph one of this subdivision shall be credited to the 23 New York agriculture and rural jobs fund, created in section ninety- 24 nine-ee of the state finance law. 25 (c) Revocation of certification. (1) The department shall revoke a tax 26 credit certificate issued under subdivision (b) of this section if any 27 of the following occur with respect to a rural business growth fund 28 before the fund exits the program under paragraph five of this subdivi- 29 sion. 30 (A) The rural business growth fund in which the credit-eligible capi- 31 tal contribution was made does not invest sixty percent of its eligible 32 investment authority in rural growth investments in this state within 33 two years of the closing date and one hundred percent of its eligible 34 investment authority in rural growth investments in this state within 35 three years of the closing date. 36 (B) After investing one hundred percent of its eligible investment 37 authority in rural growth investments in this state, the rural business 38 growth fund fails to maintain that investment until the fifth anniver- 39 sary of the closing date, including the reinvestment of such investment. 40 For the purposes of this section, an investment is "maintained" even if 41 the investment is sold or repaid so long as the rural business growth 42 fund reinvests an amount equal to the capital returned or recovered by 43 the fund from the original investment, exclusive of any profits real- 44 ized, in other rural growth investments in this state within twelve 45 months of the receipt of such capital. Amounts received periodically by 46 a rural business growth fund shall be treated as continually invested in 47 rural growth investments if the amounts are reinvested in one or more 48 rural growth investments by the end of the following calendar year. A 49 rural business growth fund is not required to reinvest capital returned 50 from rural growth investments in the six months immediately preceding 51 the fifth anniversary of the closing date, and such rural growth invest- 52 ments shall be considered held continuously by the rural growth fund 53 through the fifth anniversary of the closing date. 54 (C) The rural business growth fund invests more than the greater of 55 seven million five hundred thousand dollars or twenty percent of its 56 eligible investment authority in the same rural business concern,A. 4772--C 6 1 including amounts invested in affiliates of the rural business concern 2 but excluding amounts reinvested in the rural business growth fund with 3 repaid or redeemed rural business growth investments, provided such 4 reinvestments shall not count towards the requirement of subparagraph 5 (A) of this paragraph. 6 (D) The rural business growth fund makes a rural growth investment in 7 a rural business concern that directly or indirectly through an affil- 8 iate owns, has the right to acquire an ownership interest, make a loan 9 to, or make an investment in the rural business growth fund, an affil- 10 iate of the rural business growth fund, or an investor in the rural 11 business growth fund. This paragraph does not apply to investments in 12 publicly traded securities by a rural business concern or an owner or 13 affiliate of such concern. 14 (2) Before taking action under paragraph one of this subdivision, the 15 department shall notify the rural business growth fund of the reasons 16 for the pending action. If the rural business growth fund corrects the 17 violations, other than violations of subparagraph (D) of paragraph one 18 of this subdivision, outlined in the notice to the satisfaction of the 19 department within one hundred eighty days of the date of the notice was 20 sent, the department shall not revoke the tax credit certificates or 21 levy a fine. 22 (3) If the department revokes a tax credit certificate under paragraph 23 one of this subdivision, the commissioner shall make an assessment for 24 the amount of the credit claimed by the certificate holder before the 25 certificate was revoked. The commissioner shall make the assessment 26 within one year after the certificate has been revoked. 27 (4) If tax credit certificates are revoked under paragraph one of this 28 subdivision, the associated eligible investment authority and credit-el- 29 igible capital contributions do not count toward the limit on total 30 eligible investment authority and credit-eligible capital contributions 31 described by paragraph two of subdivision (b) of this section. The 32 department shall first award reverted authority pro rata to each rural 33 business growth fund that was awarded less than the requested eligible 34 investment authority under paragraph five of subdivision (b) of this 35 section. Any remaining eligible investment authority may be awarded by 36 the department to new applicants. 37 (5) (A) On or after the fifth anniversary of the closing date, a rural 38 business growth fund that has not committed any of the acts described in 39 paragraph one of this subdivision may apply to the department to exit 40 the program as a rural business growth fund and no longer be subject to 41 regulation under this section. The department shall respond to the 42 application within thirty days after receiving such application. In 43 evaluating such request the fact that no tax credit certificates have 44 been revoked with respect to the rural business growth fund shall be 45 sufficient evidence to prove that the fund is eligible to exit the 46 program. The department shall not unreasonably deny an application 47 submitted under this subdivision. 48 (B) The department shall send notice of its determination with respect 49 to an application submitted under subparagraph (A) of this paragraph to 50 the rural business growth fund. If the application is denied, the notice 51 shall include the reasons for the determination. 52 (C) The department shall not revoke a tax credit certificate due to 53 any actions of a rural business growth fund that occur after the date 54 the fund's application for exiting the program is approved under subpar- 55 agraph (A) of this paragraph.A. 4772--C 7 1 (6) If the number of jobs created or retained by the rural business 2 concern that received rural growth investments from the rural business 3 growth fund is: 4 (A) Less than sixty percent of the number projected in the approved 5 rural business growth fund's business plan filed as part of its applica- 6 tion for certification under subdivision (b) of this section, then the 7 state shall receive twenty percent of any distribution or payment to an 8 equity holder in an approved rural business growth fund in excess of the 9 sum of the amount of equity capital invested in the fund by such equity 10 holder and an amount equal to any projected increase in the equity hold- 11 er's federal or state tax liability, including penalties and interest, 12 related to the equity holder's ownership, management, or operation of 13 the fund; or 14 (B) Greater than sixty percent but less than eighty percent of the 15 number projected in the approved rural business growth fund's business 16 plan filed as part of its application for certification under subdivi- 17 sion (b) of this section, then the state shall receive ten percent of 18 any distribution or payment to an equity holder in an approved rural 19 business growth fund in excess of the sum of the amount of equity capi- 20 tal invested in the fund by such equity holder and an amount equal to 21 any projected increase in the equity holder's federal or state tax 22 liability, including penalties and interest, related to the equity hold- 23 er's ownership, management, or operation of the fund. 24 (7) A rural business growth fund may, prior to making a rural growth 25 investment, request from the department a written determination as to 26 whether the business entity in which it proposes to invest qualifies as 27 a rural business concern. The department, not later than the twentieth 28 business day after the date of receipt of such request, shall notify the 29 rural business growth fund of its determination. If the department fails 30 to notify the rural fund of its determination by the twentieth business 31 day, the business in which the rural business growth fund proposes to 32 invest shall be considered an eligible rural business concern. 33 (d) Reports. (1) Each rural business growth fund shall submit a report 34 to the department on or before the fifth business day after the second 35 and third anniversaries of the closing date. The report shall provide 36 documentation as to the rural growth investments made by the rural busi- 37 ness growth fund. Such documentation shall include the following: 38 (A) A bank statement of the rural business growth fund displaying each 39 rural growth investment; 40 (B) The name and location of each rural business concern in which the 41 rural business growth fund has made a rural growth investment, including 42 evidence that the business concern was qualified at the time the invest- 43 ment was made. 44 (2) On or before the last day of February of each year following the 45 year in which the report required under paragraph one of this subdivi- 46 sion is due, the rural business growth fund shall submit an annual 47 report to the department including the following: 48 (A) The number of employment positions created or retained as a result 49 of the fund's rural growth investments as of the last day of the preced- 50 ing calendar year; 51 (B) The average annual salary of the positions described in subpara- 52 graph (A) of this paragraph; 53 (C) Any other information required by the department. 54 (3) The department shall adopt rules necessary to implement this 55 subdivision.A. 4772--C 8 1 § 2. Section 1511 of the tax law is amended by adding a new subdivi- 2 sion (dd) to read as follows: 3 (dd) Credit for certain investments to a rural business growth fund. 4 (1) There is hereby allowed a nonrefundable tax credit for taxpayers 5 that made a credit-eligible capital contribution to a rural business 6 growth fund and were issued a tax credit certificate under subparagraph 7 (B) of paragraph six of subdivision (b) of section forty-four of this 8 chapter. The credit may be claimed against the tax imposed by this arti- 9 cle and section one thousand one hundred twelve of the insurance law. 10 The credit may not be sold, transferred, or allocated to any entity 11 other than an affiliate of the taxpayer. 12 (2) On the closing date, the taxpayer shall earn a vested credit equal 13 to the amount of the taxpayer's credit-eligible capital contribution to 14 the rural business growth fund, as specified on the tax credit certif- 15 icate. The taxpayer may claim up to twenty-five percent of the eligible 16 investment authority for the two thousand twenty-three taxable year and 17 up to twenty percent of the eligible investment authority for the two 18 thousand twenty-four and two thousand twenty-five taxable years, exclu- 19 sive of amounts carried forward pursuant to paragraph three of this 20 subdivision. 21 (3) If the amount of the credit for a taxable year exceeds the tax 22 otherwise due for that year, the excess shall be carried forward to 23 ensuing taxable years until fully used. A taxpayer claiming a credit 24 under this section shall submit a copy of the tax credit certificate 25 with the taxpayer's return for each taxable year for which the credit is 26 claimed. 27 § 3. The tax law is amended by adding a new section 187-q to read as 28 follows: 29 § 187-q. Credit for certain investments to a rural business growth 30 fund. 1. There is hereby allowed a nonrefundable tax credit for taxpay- 31 ers that made a credit-eligible capital contribution to a rural business 32 growth fund and were issued a tax credit certificate under subparagraph 33 (B) of paragraph six of subdivision (b) of section forty-four of this 34 chapter. The credit may be claimed against the tax imposed by this arti- 35 cle. The credit may not be sold, transferred, or allocated to any entity 36 other than an affiliate of the taxpayer. 37 2. On the closing date, the taxpayer shall earn a vested credit equal 38 to the amount of the taxpayer's credit-eligible capital contribution to 39 the rural business growth fund, as specified on the tax credit certif- 40 icate. The taxpayer may claim up to twenty-five percent of the eligible 41 investment authority for the two thousand twenty-three taxable year and 42 up to twenty percent of the eligible investment authority for the two 43 thousand twenty-four and two thousand twenty-five taxable years, exclu- 44 sive of amounts carried forward pursuant to subdivision three of this 45 section. 46 3. If the amount of the credit for a taxable year exceeds the tax 47 otherwise due for that year, the excess shall be carried forward to 48 ensuing taxable years until fully used. A taxpayer claiming a credit 49 under this section shall submit a copy of the tax credit certificate 50 with the taxpayer's return for each taxable year for which the credit is 51 claimed. 52 § 4. Section 210-B of the tax law is amended by adding a new subdivi- 53 sion 53 to read as follows: 54 53. Credit for certain investments to a rural business growth fund. 55 (1) There is hereby allowed a nonrefundable tax credit for taxpayers 56 that made a credit-eligible capital contribution to a rural businessA. 4772--C 9 1 growth fund and were issued a tax credit certificate under subparagraph 2 (B) of paragraph six of subdivision (b) of section forty-four of this 3 chapter. The credit may be claimed against the tax imposed by this arti- 4 cle. The credit may not be sold, transferred, or allocated to any entity 5 other than an affiliate of the taxpayer. 6 (2) On the closing date, the taxpayer shall earn a vested credit equal 7 to the amount of the taxpayer's credit-eligible capital contribution to 8 the rural business growth fund, as specified on the tax credit certif- 9 icate. The taxpayer may claim up to twenty-five percent of the eligible 10 investment authority for the two thousand twenty-three taxable year and 11 up to twenty percent of the eligible investment authority for the two 12 thousand twenty-four and two thousand twenty-five taxable years, exclu- 13 sive of amounts carried forward pursuant to paragraph three of this 14 subdivision. 15 (3) If the amount of the credit for a taxable year exceeds the tax 16 otherwise due for that year, the excess shall be carried forward to 17 ensuing taxable years until fully used. A taxpayer claiming a credit 18 under this section shall submit a copy of the tax credit certificate 19 with the taxpayer's return for each taxable year for which the credit is 20 claimed. 21 § 5. The state finance law is amended by adding a new section 99-ee to 22 read as follows: 23 § 99-ee. New York agriculture and rural jobs fund. 1. There is hereby 24 established in the joint custody of the state comptroller and the 25 commissioner of taxation and finance a special fund to be known as the 26 "New York agriculture and rural jobs fund". 27 2. Such fund shall consist of all application fees submitted pursuant 28 to subparagraph (F) of paragraph one of subdivision (b) of section 29 forty-four of the tax law, and all other moneys appropriated, credited, 30 or transferred thereto from any other fund or source pursuant to law. 31 3. Moneys of the fund, following appropriation by the legislature 32 shall be expended only for the purposes of providing funding for the New 33 York agriculture and rural jobs credit set forth in section forty-four 34 of the tax law. Moneys shall be paid out of the fund on the audit and 35 warrant of the state comptroller on vouchers approved and certified by 36 the commissioner of taxation and finance. Any interest received by the 37 comptroller on moneys on deposit in the New York agriculture and rural 38 jobs fund shall be retained in and become part of such fund. 39 § 6. This act shall take effect July 1, 2018.