S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    884
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              January 9, 2017
                                ___________
 
 Introduced  by M. of A. GUNTHER, MAGEE, LUPARDO, COOK, SKOUFIS, BENEDET-
   TO, RAIA, BLANKENBUSH, MONTESANO, PALUMBO, LOPEZ,  LUPINACCI,  FRIEND,
   PALMESANO  --  Multi-Sponsored  by -- M. of A. BARCLAY, CROUCH, FINCH,
   GIGLIO, GOODELL, HAWLEY, LENTOL, LIFTON, McLAUGHLIN, RIVERA, SALADINO,
   STEC, TITONE -- read once and referred to the Committee  on  Ways  and
   Means
 
 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 (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  SEVEN-
 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.
   § 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 SEVEN-
 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.
              

                                                            LBD03653-01-7

 A. 884                              2
 
 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
 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.
   § 3. This act shall take effect immediately, and shall  be  deemed  to
 have been in full force and effect on and after January 1, 2017.