S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                   784

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 5, 2011
                               ___________

Introduced  by  Sens.  YOUNG, BONACIC -- 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 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:

  Section  1. Subdivision 12 of section 210 of the tax law is amended by
adding a new paragraph (e-1) to read as follows:
  (E-1) NOTWITHSTANDING ANY OTHER PROVISION  OF  THIS  SUBDIVISION,  FOR
TAXABLE  YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND ELEVEN,
IF THE CREDIT ALLOWED UNDER THIS SUBDIVISION IS GREATER THAN THE TAX DUE
IN ANY TAXABLE YEAR FOR A TAXPAYER WHOSE PRIMARY  SOURCE  OF  INCOME  IS
DERIVED  FROM  OPERATING  A  FARM  OPERATION, SUCH TAXPAYER MAY ELECT TO
TREAT THE AMOUNT BY WHICH SUCH CREDIT EXCEEDS SUCH TAX DUE AS  AN  OVER-
PAYMENT  OF  TAX  TO  BE  REFUNDED  IN ACCORDANCE WITH THE PROVISIONS OF
SECTION TEN HUNDRED EIGHTY-SIX OF THIS CHAPTER.  FOR  PURPOSES  OF  THIS
PARAGRAPH, THE TERM "FARM OPERATION" SHALL HAVE THE SAME MEANING AS SUCH
TERM  IS  DEFINED  IN SUBDIVISION ELEVEN OF SECTION THREE HUNDRED ONE OF
THE AGRICULTURE AND MARKETS LAW.
  S 2. Subsection (a) of section 606 of the tax law is amended by adding
a new paragraph 5-a to read as follows:
  (5-A) NOTWITHSTANDING ANY OTHER  PROVISION  OF  THIS  SUBSECTION,  FOR
TAXABLE  YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND ELEVEN,
IF THE CREDIT ALLOWED UNDER THIS SUBSECTION IS GREATER THAN THE TAX  DUE
IN  ANY  TAXABLE  YEAR  FOR A TAXPAYER WHOSE PRIMARY SOURCE OF INCOME IS
DERIVED FROM OPERATING A FARM OPERATION,  SUCH  TAXPAYER  MAY  ELECT  TO
TREAT  THE  AMOUNT BY WHICH SUCH CREDIT EXCEEDS SUCH TAX DUE AS AN OVER-
PAYMENT OF TAX TO BE REFUNDED  IN  ACCORDANCE  WITH  THE  PROVISIONS  OF

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
              

                                                           LBD02079-01-1

S. 784                              2

SECTION  SIX  HUNDRED  EIGHTY-SIX  OF THIS ARTICLE. FOR PURPOSES OF THIS
PARAGRAPH, THE TERM "FARM OPERATION" SHALL HAVE THE SAME MEANING AS SUCH
TERM IS DEFINED IN SUBDIVISION ELEVEN OF SECTION THREE  HUNDRED  ONE  OF
THE AGRICULTURE AND MARKETS LAW.
  S  3.  This  act shall take effect immediately, and shall be deemed to
have been in full force and effect on and after January 1, 2011.