Senate Bill S849

2011-2012 Legislative Session

Establishes a credit against the franchise tax on business corporations for the cost of replacing concord grapevines by a farm

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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

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2011-S849 (ACTIVE) - Details

Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd ยง210, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: S2439
2013-2014: S2683
2015-2016: S3073
2017-2018: S454
2019-2020: S928

2011-S849 (ACTIVE) - Summary

Establishes a credit against the franchise tax on business corporations for the cost of replacing concord grapevines by a farm.

2011-S849 (ACTIVE) - Sponsor Memo

2011-S849 (ACTIVE) - Bill Text download pdf

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

                                   849

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 5, 2011
                               ___________

Introduced  by Sens. YOUNG, RANZENHOFER -- read twice and ordered print-
  ed, and when printed to be committed  to  the  Committee  on  Investi-
  gations and Government Operations

AN  ACT  to  amend  the tax law, in relation to establishing a grapevine
  replacement franchise tax on business corporations credit

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Section  210  of  the  tax law is amended by adding a new
subdivision 43 to read as follows:
  43. GRAPEVINE REPLACEMENT TAX  CREDIT.  (A)  ALLOWANCE  OF  CREDIT.  A
TAXPAYER THAT IS A BUSINESS PRINCIPALLY ENGAGED IN FARMING, AS SUCH TERM
IS DEFINED IN PARAGRAPH NINETEEN OF SUBDIVISION (B) OF SECTION ONE THOU-
SAND  ONE HUNDRED ONE OF THIS CHAPTER, SHALL BE ALLOWED A CREDIT AGAINST
THE TAX IMPOSED BY THIS ARTICLE FOR THE REPLACEMENT OF GRAPEVINES OF ANY
CONCORD VARIETY FOR TAXABLE YEARS BEGINNING ON OR AFTER  JANUARY  FIRST,
TWO THOUSAND ELEVEN.  THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO THE SUM
OF THE COST OF GRAPEVINES THAT ARE PURCHASED AND PLANTED FOR THE PURPOSE
OF  REPLACING  GRAPEVINES  OF ANY CONCORD VARIETY. THIS CREDIT SHALL NOT
APPLY TO GRAPEVINES OF ANY CONCORD VARIETY.
  (B) APPLICATION OF CREDIT. IF THE AMOUNT OF THE CREDIT  ALLOWED  UNDER
THIS  SUBDIVISION  FOR  ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX
FOR SUCH YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF  TAX  TO
BE CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SECTION ONE
THOUSAND EIGHTY-SIX OF THIS CHAPTER. PROVIDED, HOWEVER, THAT NO INTEREST
SHOULD  BE  PAID  ON  SUCH  REFUND,  NOTWITHSTANDING  THE  PROVISIONS OF
SUBSECTION (C) OF SECTION ONE THOUSAND EIGHTY-EIGHT OF THIS CHAPTER.
  S 2. This act shall take effect immediately.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03442-01-1

              

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