|
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
|---|---|
| Jan 29, 2014 |
print number 2083a |
| Jan 29, 2014 |
amend and recommit to investigations and government operations |
| Jan 08, 2014 |
referred to investigations and government operations |
| Jan 10, 2013 |
referred to investigations and government operations |
Senate Bill S2083A
2013-2014 Legislative Session
Sponsored By
(R, C, IP) Senate District
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
Actions
Bill Amendments
co-Sponsors
(R, C, IP) Senate District
(D) Senate District
2013-S2083 - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §§210 & 606, Tax L
- Versions Introduced in Other Legislative Sessions:
-
2009-2010:
S2431
2011-2012: S784
2015-2016: S3065, S4740
2017-2018: S1446, S1738
2019-2020: S922, S4696
2021-2022: S3639
2023-2024: S1142
2013-S2083 - Sponsor Memo
BILL NUMBER:S2083
TITLE OF BILL: 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
PURPOSE: To allow farmers to receive the investment tax credit as a
fully refundable credit.
SUMMARY OF PROVISIONS: Section 210 of the Tax Law is amended to
provide that excess investment tax credit amounts may be refundable to
operators of a farm operation.
JUSTIFICATION: New York is home to some 38,000 farms encompassing
roughly 7.8 million acres of cropland, pasture and woodlands. These
farms produce nearly $3.1 billion annually in direct economic output
and probably double or triple that in indirect economic benefits with
the farming and food industry employing over 425,000 people. Given the
enormous economic impact that agriculture has on the economy of this
State, we must do everything we can to ensure that our farm operations
survive.
When farmers make long term investments in their operations they are
eligible for the investment tax credit (ITC). However, unlike the
agricultural school tax credit, the investment tax credit is not
refundable and, thereby, of no benefit to farmers who have no taxable
2013-S2083 - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
2083
2013-2014 Regular Sessions
I N S E N A T E
January 10, 2013
___________
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 THIR-
TEEN, 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 OVERPAYMENT 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 THIR-
TEEN, 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 OVERPAYMENT OF TAX TO BE REFUNDED IN ACCORDANCE WITH THE PROVISIONS
OF SECTION SIX HUNDRED EIGHTY-SIX OF THIS ARTICLE. FOR PURPOSES OF THIS
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD02391-01-3
co-Sponsors
(R, C, IP) Senate District
(D) Senate District
2013-S2083A (ACTIVE) - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §§210 & 606, Tax L
- Versions Introduced in Other Legislative Sessions:
-
2009-2010:
S2431
2011-2012: S784
2015-2016: S3065, S4740
2017-2018: S1446, S1738
2019-2020: S922, S4696
2021-2022: S3639
2023-2024: S1142
2013-S2083A (ACTIVE) - Sponsor Memo
BILL NUMBER:S2083A
TITLE OF BILL: 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
PURPOSE: To allow farmers to receive the investment tax credit as a
fully refundable credit.
SUMMARY OF PROVISIONS: Section 210 of the Tax Law is amended to
provide that excess investment tax credit amounts may be refundable to
operators of a farm operation.
JUSTIFICATION: New York is home to some 38,000 farms encompassing
roughly 7.8 million acres of cropland, pasture and woodlands. These
farms produce nearly $3.1 billion annually in direct economic output
and probably double or triple that in indirect economic benefits with
the farming and food industry employing over 425,000 people. Given the
enormous economic impact that agriculture has on the economy of this
State, we must do everything we can to ensure that our farm operations
survive.
When farmers make long term investments in their operations they are
eligible for the investment tax credit (ITC). However, unlike the
agricultural school tax credit, the investment tax credit is not
refundable and, thereby, is of no benefit to farmers who have no
2013-S2083A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
2083--A
2013-2014 Regular Sessions
I N S E N A T E
January 10, 2013
___________
Introduced by Sens. YOUNG, BONACIC, TKACZYK -- read twice and ordered
printed, and when printed to be committed to the Committee on Investi-
gations and Government 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:
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 FOUR-
TEEN, 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 OVERPAYMENT 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 FOUR-
TEEN, 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
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD02391-02-4
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