Bill Text: NY S04696 | 2019-2020 | General Assembly | Introduced


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

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced) 2019-03-21 - REFERRED TO BUDGET AND REVENUE [S04696 Detail]

Download: New_York-2019-S04696-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          4696
                               2019-2020 Regular Sessions
                    IN SENATE
                                     March 21, 2019
                                       ___________
        Introduced  by  Sen.  ORTT  --  read twice and ordered printed, and when
          printed to be committed to the Committee on Budget and Revenue
        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 (d-1) to read as follows:
     3    (d-1) Notwithstanding any other provision  of  this  subdivision,  for
     4  taxable  years  beginning  on or after January first, two thousand nine-
     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 one thousand 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 nine-
    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
    24  paragraph, the term "farm operation" shall have the same meaning as such
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01448-02-9

        S. 4696                             2
     1  term is defined in subdivision eleven of section three  hundred  one  of
     2  the agriculture and markets law.
     3    §  3.  This  act shall take effect immediately, and shall be deemed to
     4  have been in full force and effect on and after January 1, 2019.
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