NY State Senate Bill 2015-S3065A

Senate Bill S3065A

2015-2016 Legislative Session

Provides that excess investment tax credit amounts may be refundable to operators of a farm operation

download bill text pdf

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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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Feb 08, 2016	print number 3065a
Feb 08, 2016	amend and recommit to investigations and government operations
Jan 06, 2016	referred to investigations and government operations
Feb 02, 2015	referred to investigations and government operations

Bill Amendments

Original

A (Active)

co-Sponsors

2015-S3065 - Details

Current Committee:: Senate Investigations And Government Operations
Law Section:: Tax Law
Laws Affected:: Amd §§210-B & 606, Tax L
Versions Introduced in Other Legislative Sessions:: 2009-2010: S2431
2011-2012: S784
2013-2014: S2083
2017-2018: S1446, S1738
2019-2020: S922, S4696
2021-2022: S3639
2023-2024: S1142

2015-S3065 - Summary

Provides that excess investment tax credit amounts may be refundable to operators of a farm operation.

2015-S3065 - Sponsor Memo

                                BILL NUMBER:S3065

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 1: Amends subdivision 1 of section 210-B of the tax law to
provide that excess investment tax credit amounts may be refundable to
operators of a farm operation. Section 2: Amends subsection (a) of
section 606 of the tax law to provide that excess investment tax
credit amounts may be refundable to operators of a farm operation.
Section 3: Provides an immediate effective date and deems that it
shall be deemed to have been in full force and effect on and after
January 1, 2015.

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
taxable income. To remedy this and to assist our farmers with
continuing to make investment in their agri-enterprises, this bill
would allow farmers to receive the ITC as a fully refundable credit,
similar to the school tax credit. By making this small change, our
farmers would receive a valuable benefit that would enable them to
continue to update, modernize and invest in their farms.

LEGISLATIVE HISTORY:

2013,2014: S.2083A Referred to Investigations and Government
Operations
2011,2012: S.784/A.386 Reported to Investigations & Operations
Committee
2009,2010: S.2431A/A.1088A Reported to Investigations & Operations
Committee
2007,2008: S.2036A/A.1233B Passed Senate
2006: S.7164/A.9279 Referred to Investigations & Operations Committee

FISCAL IMPLICATIONS:


To be determined.

EFFECTIVE DATE:

Effective immediately, and shall be deemed to have been in full force
and effect on and after January 1, 2015.

2015-S3065 - Bill Text download pdf

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

                                  3065

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            February 2, 2015
                               ___________

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 1 of section 210-B of the tax law is amended by
adding a new paragraph (d-1) to read as follows:
  (D-1)  NOTWITHSTANDING  ANY  OTHER  PROVISION OF THIS SUBDIVISION, FOR
TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND FIFTEEN,
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 ONE THOUSAND 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 FIFTEEN,
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
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.
                                                           LBD04209-02-5

S. 3065                             2

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, 2015.

co-Sponsors

2015-S3065A (ACTIVE) - Details

Current Committee:: Senate Investigations And Government Operations
Law Section:: Tax Law
Laws Affected:: Amd §§210-B & 606, Tax L
Versions Introduced in Other Legislative Sessions:: 2009-2010: S2431
2011-2012: S784
2013-2014: S2083
2017-2018: S1446, S1738
2019-2020: S922, S4696
2021-2022: S3639
2023-2024: S1142

2015-S3065A (ACTIVE) - Summary

Provides that excess investment tax credit amounts may be refundable to operators of a farm operation.

2015-S3065A (ACTIVE) - Sponsor Memo

                                 BILL NUMBER:  S3065A

 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 1: Amends subdivision 1 of section 210-B of the tax law to
provide that excess investment tax credit amounts may be refundable to
operators of a farm operation. Section 2: Amends subsection (a) of
section 606 of the tax law to provide that excess investment tax
credit amounts may be refundable to operators of a farm operation.
Section 3: Provides an immediate effective date and deems that it
shall be deemed to have been in full force and effect on and after
January 1, 2016.

 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
taxable income. To remedy this and to assist our farmers with
continuing to make investment in their agri-enterprises, this bill
would allow farmers to receive the ITC as a fully refundable credit,
similar to the school tax credit. By making this small change, our
farmers would receive a valuable benefit that would enable them to
continue to update, modernize and invest in their farms.

 LEGISLATIVE HISTORY :

2015: S.3065 Referred to Investigations & Government Operations
2013,2014: S.2083A Referred to Investigations & Government Operations
2011,2012: S.784/A.386 Reported to Investigations & Operations
Committee
2009,2010: S.2431A/A.1088A Reported to Investigations & Operations
Committee
2007,2008: S.2036A/A.1233B Passed Senate
2006:S.7164/A.9279 Referred to Investigations & Operations Committee

 FISCAL IMPLICATIONS :

To be determined.

 EFFECTIVE DATE :
Effective immediately, and shall be deemed to have been in full force
and effect on and after January 1, 2016.

2015-S3065A (ACTIVE) - Bill Text download pdf

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

                                 3065--A

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            February 2, 2015
                               ___________

Introduced  by  Sens.  YOUNG,  BONACIC,  CROCI, O'MARA -- read twice and
  ordered printed, and when printed to be committed to the Committee  on
  Investigations and Government Operations -- recommitted to the Commit-
  tee  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 1 of section 210-B of the tax law is amended by
adding a new paragraph (d-1) to read as follows:
  (D-1)  NOTWITHSTANDING  ANY  OTHER  PROVISION OF THIS SUBDIVISION, FOR
TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND SIXTEEN,
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 ONE THOUSAND 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 SIXTEEN,
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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04209-03-6

S. 3065--A                          2

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 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, 2016.

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Senate Bill S3065A

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Sponsored By

Catharine Young

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

Bill Amendments

co-Sponsors

John J. Bonacic

Thomas D. Croci

Thomas F. O'Mara

2015-S3065 - Details

2015-S3065 - Summary

2015-S3065 - Sponsor Memo

2015-S3065 - Bill Text download pdf

co-Sponsors

John J. Bonacic

Thomas D. Croci

Thomas F. O'Mara

2015-S3065A (ACTIVE) - Details

2015-S3065A (ACTIVE) - Summary

2015-S3065A (ACTIVE) - Sponsor Memo

2015-S3065A (ACTIVE) - Bill Text download pdf

Comments