Bill Text: NY S06616 | 2015-2016 | General Assembly | Introduced

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Bill Title: Relates to establishing a business franchise and personal income tax credit for natural resources improvement projects upon farmlands and forestlands.

Spectrum: Moderate Partisan Bill (Republican 4-1)

Status: (Introduced - Dead) 2016-02-01 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S06616 Detail]

Download: New_York-2015-S06616-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          6616
                    IN SENATE
                                    February 1, 2016
                                       ___________
        Introduced  by  Sens.  RITCHIE,  YOUNG,  AKSHAR,  O'MARA, VALESKY -- (at
          request of the Legislative Commission  on  Rural  Resources)  --  read
          twice  and  ordered  printed,  and when printed to be committed to the
          Committee on Investigations and Government Operations
        AN ACT to amend the tax law, in  relation  to  establishing  a  business
          franchise  and  personal  income  tax  credit  for  natural  resources
          improvement projects upon farmlands and forestlands
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Subdivision 9 of section 208 of the tax law is amended by
     2  adding a new paragraph (u) to read as follows:
     3    (u) In the event the taxpayer claims the natural resource  improvement
     4  credit for farmlands and forestlands established pursuant to subdivision
     5  fifty-one  of  section  two  hundred  ten-B  of this article, entire net
     6  income shall be increased by the amount of any expenditures  defined  in
     7  Internal  Revenue Code section 175(c)(1) that the taxpayer deducted from
     8  its total net income on its federal tax return for the tax year.
     9    § 2. Section 210-B of the tax law is amended by adding a new  subdivi-
    10  sion 51 to read as follows:
    11    51. Natural resource improvement credit for farmlands and forestlands.
    12  (a) Allowance of credit. For taxable years beginning on or after January
    13  first,  two  thousand  seventeen,  a  taxpayer shall be allowed a credit
    14  against the tax imposed by this article in an amount  equal  to  twenty-
    15  five percent of the taxpayer's eligible expenditures during the tax year
    16  for a natural resources improvement project. Provided, however, that the
    17  credit  granted for any natural resource improvement project pursuant to
    18  this subdivision shall not exceed fifty thousand dollars.
    19    (b) Definitions. For the purposes of this subdivision,  the  following
    20  definitions shall apply:
    21    (1) "Eligible expenditures" shall mean fees for architectural, archeo-
    22  logical,  geological  and  engineering services; the costs of developing
    23  plans and specifications; fees for consultant and  legal  services;  and
    24  any  expenditure  defined  in  Internal  Revenue Code section 175(c)(1),
    25  including expenditures related to the application of lime and  fertiliz-
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13837-01-6