Bill Text: NY S04740 | 2015-2016 | General Assembly | Amended

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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 - Dead) 2016-02-04 - PRINT NUMBER 4740A [S04740 Detail]

Download: New_York-2015-S04740-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         4740--A
                               2015-2016 Regular Sessions
                    IN SENATE
                                     April 15, 2015
                                       ___________
        Introduced  by  Sen.  FUNKE  -- read twice and ordered printed, and when
          printed to be committed to the Committee on Investigations and Govern-
          ment Operations -- recommitted to the Committee on Investigations  and
          Government  Operations  in  accordance  with  Senate Rule 6, sec. 8 --
          committee discharged, bill amended, ordered reprinted as  amended  and
          recommitted to said committee
        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 sixteen,
     5  if the credit allowed under this subdivision is greater than the tax due
     6  in any taxable year for a taxpayer whose primary  source  of  income  is
     7  derived  from  operating  a  farm  operation, such taxpayer may elect to
     8  treat the amount by which such credit exceeds such tax due as  an  over-
     9  payment  of  tax  to  be  refunded  in accordance with the provisions of
    10  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 sixteen,
    18  if  the credit allowed under this subsection is greater than the tax due
    19  in any taxable year for a taxpayer whose primary  source  of  income  is
    20  derived  from  operating  a  farm  operation, such taxpayer may elect to
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04209-04-6