Bill Text: NY A06154 | 2013-2014 | General Assembly | Introduced

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Bill Title: Creates an agricultural crop loss personal income tax credit.

Spectrum: Partisan Bill (Republican 4-0)

Status: (Introduced - Dead) 2014-01-08 - referred to ways and means [A06154 Detail]

Download: New_York-2013-A06154-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         6154
                              2013-2014 Regular Sessions
                                 I N  A S S E M B L Y
                                    March 15, 2013
                                      ___________
       Introduced  by M. of A. TEDISCO, P. LOPEZ -- Multi-Sponsored by -- M. of
         A. McDONOUGH, PALMESANO -- read once and referred to the Committee  on
         Ways and Means
       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 (vv) to read as follows:
    3    (VV)  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 THE TAXABLE YEAR BEGIN-
    8  NING ON OR AFTER JANUARY FIRST, TWO  THOUSAND  FOURTEEN  AND  ENDING  ON
    9  DECEMBER  THIRTY-FIRST,  TWO THOUSAND FOURTEEN. THE AMOUNT OF THE CREDIT
   10  SHALL BE EQUAL TO THIRTY-FIVE PERCENT OF THE AVERAGE VALUE OF  THE  UNIT
   11  OF  PRODUCTION FOR NEW YORK STATE AS REPORTED BY THE USDA NATIONAL AGRI-
   12  CULTURAL STATISTICS SERVICE FOR TWO  THOUSAND  THIRTEEN,  MULTIPLIED  BY
   13  ACREAGE  IN  PRODUCTION,  INCLUDING  NEWLY  PLANTED ACREAGE, FOR THE TWO
   14  THOUSAND FOURTEEN GROWING SEASON.
   15    (2) APPLICATION OF CREDIT. IF THE AMOUNT OF THE CREDIT  ALLOWED  UNDER
   16  THIS  SUBSECTION  FOR  SUCH TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX
   17  FOR SUCH YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF  TAX  TO
   18  BE CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SECTION SIX
   19  HUNDRED  EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST
   20  SHALL BE PAID THEREON.
   21    (3) FOR THE PURPOSES OF THIS  SUBSECTION,  THE  TERM  "ELIGIBLE  CROP"
   22  SHALL  MEAN: (A) FRUITS, INCLUDING APPLES, PEACHES, GRAPES, CHERRIES AND
   23  BERRIES,  (B)  VEGETABLES,  INCLUDING  TOMATOES,  SNAP  BEANS,  CABBAGE,
   24  CARROTS, BEETS AND ONIONS, AND (C) POTATOES AND DRY BEANS.
   25    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD06539-02-3