Bill Text: NY S00927 | 2019-2020 | General Assembly | Introduced

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Bill Title: Establishes a personal income tax credit for taxpayers whose federal gross income from farming is at least two-thirds of excess federal gross income, for the cost of replacing concord grapevines by such farmers.

Spectrum: Partisan Bill (Republican 3-0)

Status: (Introduced - Dead) 2019-01-09 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S00927 Detail]

Download: New_York-2019-S00927-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                           927
                               2019-2020 Regular Sessions
                    IN SENATE
                                     January 9, 2019
                                       ___________
        Introduced  by Sens. YOUNG, FUNKE, RANZENHOFER -- read twice and ordered
          printed, and when printed to be committed to the Committee on Investi-
          gations and Government Operations
        AN ACT to amend the tax law, in relation  to  establishing  a  grapevine
          replacement 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 (jjj) to read as follows:
     3    (jjj)  Grapevine  replacement  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 replacement of
     7  grapevines of any concord variety for  taxable  years  beginning  on  or
     8  after  January  first,  two  thousand nineteen. The amount of the credit
     9  shall be equal to the sum of the cost of grapevines that  are  purchased
    10  and planted for the purpose of replacing grapevines of any concord vari-
    11  ety.  This credit shall not apply to grapevines of any concord variety.
    12    (2)  Application  of credit. If the amount of the credit allowed under
    13  this subsection for any taxable years shall exceed  the  taxpayer's  tax
    14  for  such  year, the excess shall be treated as an overpayment of tax to
    15  be credited or refunded in accordance with the provisions of section six
    16  hundred eighty-six of this article, provided, however, that no  interest
    17  shall be paid thereon.
    18    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03025-01-9