Bill Text: NY A05445 | 2019-2020 | General Assembly | Introduced


Bill Title: Relates to reducing farm-based taxes.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced) 2019-02-12 - referred to ways and means [A05445 Detail]

Download: New_York-2019-A05445-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          5445
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    February 12, 2019
                                       ___________
        Introduced  by M. of A. SALKA -- read once and referred to the Committee
          on Ways and Means
        AN ACT to amend the tax law, in relation to reducing farm-based taxes
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1. Subparagraphs (A) and (B) of paragraph 3 of subsection (c)
     2  of section 658 of the tax law, subparagraph (A) as amended by section 13
     3  of part Q of chapter 60 of the laws of  2016  and  subparagraph  (B)  as
     4  amended  by section 1 of part H-1 of chapter 57 of the laws of 2009, are
     5  amended to read as follows:
     6    (A) Every  subchapter  K  limited  liability  company,  every  limited
     7  liability  company  that  is a disregarded entity for federal income tax
     8  purposes, and every partnership which has any income  derived  from  New
     9  York  sources,  determined  in  accordance  with the applicable rules of
    10  section six hundred thirty-one of this article  as  in  the  case  of  a
    11  nonresident  individual,  shall  on  or  before the fifteenth day of the
    12  third month following the close of each taxable year make a payment of a
    13  filing fee. Such deadline shall not apply  to  farms,  commercial  horse
    14  boarding  operations  or  agricultural  service providers subject to the
    15  fee, which shall, within one hundred twenty days after the last  day  of
    16  the taxable year, make payment of any required filing fee. The amount of
    17  the filing fee is the amount set forth in subparagraph (B) of this para-
    18  graph.  The  minimum filing fee is twenty-five dollars for taxable years
    19  beginning in two thousand eight and thereafter. Limited liability compa-
    20  nies that are disregarded entities for federal income tax purposes  must
    21  pay  a  filing fee of twenty-five dollars for taxable years beginning on
    22  or after January first, two thousand eight.
    23    (B) The filing fee will be based on the New York source  gross  income
    24  of  the  limited  liability  company or partnership for the taxable year
    25  immediately preceding the taxable year for which the fee is due. If  the
    26  limited  liability  company  or  partnership  does not have any New York
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09394-01-9

        A. 5445                             2
     1  source gross income for the taxable year immediately preceding the taxa-
     2  ble year for which the fee is due,  the  limited  liability  company  or
     3  partnership  shall  pay the minimum filing fee. Partnerships, other than
     4  limited  liability partnerships under article eight-B of the partnership
     5  law and foreign limited  liability  partnerships,  with  less  than  one
     6  million  dollars  in  New  York  source gross income are exempt from the
     7  filing fee. New York source gross income is the sum of the partners'  or
     8  members'  shares of federal gross income from the partnership or limited
     9  liability company derived from  or  connected  with  New  York  sources,
    10  determined  in  accordance  with  the  provisions of section six hundred
    11  thirty-one of this article  as  if  those  provisions  and  any  related
    12  provisions  expressly  referred to a computation of federal gross income
    13  from New York  sources.  For  this  purpose,  federal  gross  income  is
    14  computed  without  any  allowance  or  deduction for cost of goods sold,
    15  except that for companies engaged primarily in farming, commercial horse
    16  boarding or agricultural  service  providers,  the  term  federal  gross
    17  income shall mean net income as reported for federal tax purposes.
    18    The  amount  of the filing fee for taxable years beginning on or after
    19  January first, two thousand eight will be determined in accordance  with
    20  the following table:
    21  If the New York source gross income is:         The fee is:
    22  not more than $100,000                          $25
    23  more than $100,000 but not over $250,000        $50
    24  more than $250,000 but not over $500,000        $175
    25  more than $500,000 but not over $1,000,000      $500
    26  more than $1,000,000 but not over $5,000,000    $1,500
    27  more than $5,000,000 but not over $25,000,000   $3,000
    28  Over $25,000,000                                $4,500
    29    § 2. Clause (E) of subparagraph 1 of paragraph (d) of subdivision 1 of
    30  section  210 of the tax law, as amended by section 19 of part T of chap-
    31  ter 59 of the laws of 2015, is amended to read as follows:
    32    (E) For purposes of this paragraph, New York receipts are the receipts
    33  included in the numerator of the apportionment factor  determined  under
    34  section  two  hundred ten-A of this article for the taxable year, except
    35  that for corporations engaged primarily  in  farming,  commercial  horse
    36  boarding, or providing agricultural services, the term New York receipts
    37  shall refer to net farm income as reported for federal tax purposes.
    38    § 3. This act shall take effect immediately.
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