Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 06, 2010 |
referred to agriculture |
Jan 12, 2009 |
referred to agriculture |
Senate Bill S667
2009-2010 Legislative Session
Sponsored By
(R, C) Senate District
Archive: Last Bill Status - In Senate Committee Agriculture Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
co-Sponsors
(R, C, IP) Senate District
(R, C, Ind, WF) Senate District
(R, C, Ind) Senate District
(R, C, IP) Senate District
2009-S667 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A3648
- Current Committee:
- Senate Agriculture
- Law Section:
- Agriculture and Markets Law
- Laws Affected:
- Amd §16, Ag & Mkts L; add §220-b, County L; amd §1405, Ins L; amd §1503, Tax L
- Versions Introduced in 2011-2012 Legislative Session:
-
S4296, A7970
2009-S667 (ACTIVE) - Summary
Provides a tax incentive to domestic life insurance companies to invest up to 1% of admitted assets in the purchase of agricultural land to be kept in agricultural production for the cultivation of fruit or the processing of fruit products, which land is subject to a conservation easement and receives or is eligible to receive an agricultural assessment; enacts related provision relating to conservation easements.
2009-S667 (ACTIVE) - Sponsor Memo
BILL NUMBER: S667 TITLE OF BILL : An act to amend the agriculture and markets law, the county law, the insurance law and the tax law, in relation to providing an incentive to domestic life insurance companies to invest in the purchase of agricultural land to be kept in agricultural production PURPOSE : This bill grants to domestic life insurers that lend money to fruit farmers who plan to keep acreage in production a 30 % deduction from their income taxes that portion of the interest that is earned from the loan issued by such life insurer. SUMMARY OF PROVISIONS : Section 1: Amends Agriculture & Markets Law section 16 to authorize the Ag. & Markets Department to promulgate rules to define existing or abandoned fruit farms that are eligible for the income tax deduction. Section 2: Adds a new County Law section 220-b to ensure that lands that receive an income tax deduction when sold to another farmer remain in farming by requiring that such lands abide by a conservation
2009-S667 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 667 2009-2010 Regular Sessions I N S E N A T E January 12, 2009 ___________ Introduced by Sens. LARKIN, BONACIC, MORAHAN, WINNER, YOUNG -- read twice and ordered printed, and when printed to be committed to the Committee on Agriculture AN ACT to amend the agriculture and markets law, the county law, the insurance law and the tax law, in relation to providing an incentive to domestic life insurance companies to invest in the purchase of agricultural land to be kept in agricultural production THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 16 of the agriculture and markets law is amended by adding a new subdivision 44 to read as follows: 44. IN CONSULTATION WITH THE COMMISSIONER OF TAXATION AND FINANCE, FOR THE PURPOSES OF THE ADMINISTRATION OF PARAGRAPH SEVENTEEN OF SUBDIVISION (B) OF SECTION FIFTEEN HUNDRED THREE OF THE TAX LAW, THE COMMISSIONER SHALL PROMULGATE REGULATIONS DEFINING "FRUIT" AND "FRUIT PRODUCTS". S 2. The county law is amended by adding a new section 220-b to read as follows: S 220-B. CONSERVATION EASEMENTS IN CONNECTION WITH CERTAIN LAND USED IN THE AGRICULTURAL PRODUCTION OF FRUIT AND FRUIT PRODUCTS. 1. NOTWITH- STANDING THE PROVISIONS OF SUBDIVISION (B) OF SECTION TWO OF THIS CHAP- TER, THE BOARD OF SUPERVISORS OR COUNTY LEGISLATURE OF EVERY COUNTY SHALL, UPON APPLICATION FOR A CONSERVATION EASEMENT FILED WITH SUCH COUNTY, FOR PROPERTY WITHIN SUCH COUNTY, NOT MORE THAN SIX MONTHS PRIOR TO THE CLOSE OF THE TAXABLE YEAR OR THE YEAR NEXT SUCCEEDING SUCH YEAR, FOR WHICH A DEDUCTION IS OR WILL BE SOUGHT TO BE CLAIMED BY A TAXPAYER PURSUANT TO PARAGRAPH SEVENTEEN OF SUBDIVISION (B) OF SECTION FIFTEEN HUNDRED THREE OF THE TAX LAW, ACCEPT SUCH APPLICATION AND OFFER TO PERMIT A NOT-FOR-PROFIT CONSERVATION ORGANIZATION OR PUBLIC BODY WITHIN SUCH COUNTY, WITHIN WHOSE TERRITORY THE SUBJECT PROPERTY IS LOCATED, OTHER THAN THE STATE, TO ACCEPT OR UNDERTAKE TO ACCEPT A CONSERVATION EASEMENT IN CONNECTION WITH THE ADMINISTRATION OF PARAGRAPH SEVENTEEN OF EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD05417-01-9
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