Bill Text: NY S01446 | 2017-2018 | General Assembly | Introduced

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Bill Title: Provides that excess investment tax credit amounts may be refundable to operators of a farm operation.

Spectrum: Slight Partisan Bill (Republican 3-1)

Status: (Introduced - Dead) 2018-01-03 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S01446 Detail]

Download: New_York-2017-S01446-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          1446
                               2017-2018 Regular Sessions
                    IN SENATE
                                     January 9, 2017
                                       ___________
        Introduced  by  Sen.  FUNKE  -- read twice and ordered printed, and when
          printed to be committed to the Committee on Investigations and Govern-
          ment Operations
        AN ACT to amend the tax  law,  in  relation  to  providing  that  excess
          investment tax credit amounts may be refundable to operators of a farm
          operation
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Subdivision 1 of section 210-B of the tax law is amended by
     2  adding a new paragraph (e-1) to read as follows:
     3    (e-1) Notwithstanding any other provision  of  this  subdivision,  for
     4  taxable  years  beginning on or after January first, two thousand seven-
     5  teen, if the credit allowed under this subdivision is greater  than  the
     6  tax  due  in  any  taxable  year  for a taxpayer whose primary source of
     7  income is derived from operating a farm  operation,  such  taxpayer  may
     8  elect  to  treat the amount by which such credit exceeds such tax due as
     9  an overpayment of tax to be refunded in accordance with  the  provisions
    10  of  section ten hundred eighty-six of this chapter. For purposes of this
    11  paragraph, the term "farm operation" shall have the same meaning as such
    12  term is defined in subdivision eleven of section three  hundred  one  of
    13  the agriculture and markets law.
    14    § 2. Subsection (a) of section 606 of the tax law is amended by adding
    15  a new paragraph 5-a to read as follows:
    16    (5-a)  Notwithstanding  any  other  provision  of this subsection, for
    17  taxable years beginning on or after January first, two  thousand  seven-
    18  teen,  if  the  credit allowed under this subsection is greater than the
    19  tax due in any taxable year for  a  taxpayer  whose  primary  source  of
    20  income  is  derived  from  operating a farm operation, such taxpayer may
    21  elect to treat the amount by which such credit exceeds such tax  due  as
    22  an  overpayment  of tax to be refunded in accordance with the provisions
    23  of section six hundred eighty-six of this article. For purposes of  this
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03653-01-7
        S. 1446                             2
     1  paragraph, the term "farm operation" shall have the same meaning as such
     2  term  is  defined  in subdivision eleven of section three hundred one of
     3  the agriculture and markets law.
     4    §  3.  This  act shall take effect immediately, and shall be deemed to
     5  have been in full force and effect on and after January 1, 2017.