NY State Senate Bill 2017-S1446

Senate Bill S1446

2017-2018 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
Jan 03, 2018	referred to investigations and government operations
Jan 09, 2017	referred to investigations and government operations

co-Sponsors

2017-S1446 (ACTIVE) - Details

See Assembly Version of this Bill:: A884
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, A1088
2011-2012: S784, A386
2013-2014: S2083, A1620
2015-2016: S3065, S4740, A1854
2019-2020: S922, S4696, A3528
2021-2022: S3639, A68
2023-2024: S1142, A797

2017-S1446 (ACTIVE) - Summary

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

2017-S1446 (ACTIVE) - Sponsor Memo

                                 BILL NUMBER:  S1446

 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 :

Amends the tax law to provide that, as it applies to farm operations,
the investment tax credit shall become a refundable credit.

 JUSTIFICATION :

This state is home to some 38,000 farms encompassing roughly 7.8
million acres of cropland, pasture and woodlands from Erie County to
Suffolk County. 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 farmers survive.

As part of that, when farmers make long term investments in their
operations they are, often times, eligible for the investment tax
credit (ITC). As it currently stands, however, unlike the agricultural
school tax credit, the investment tax credit is not refundable - so if
a farmer as no taxable income, he or she cannot receive the benefit of
the ITC. To remedy this and to assist our farmers with continuing to
make investment in their agri-enterprises, this bill would simply
provide that farmers could receive the ITC as a fully refundable
credit just as they do the school tax credit. By making this small
change our farmers, overall, could receive a large and needed benefit
that would enable them to continue to update, modernize and invest in
their farms.

 LEGISLATIVE HISTORY :

S.4740A of 2015-2016; Referred to Investigations and Government
Operations
S.2803A of 2013-2014; Referred to Investigations and Government
Operations
S.784/A.386 of 2011-2012; Referred to Investigations and Government
Operations
S.2431A/A.1088A of 2009-2010; Referred to Investigations and
Government Operations
S.2036A/A.1233B of 2007-2008; Passed Senate
S.7164/A.9297 of 2006; Referred to Investigations and Government
Operations

 FISCAL IMPLICATIONS :

To be determined.

 EFFECTIVE DATE :
This act shall take effect immediately, and shall be deemed to have
been in full force and effect on and after January 1, 2017.

2017-S1446 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1446
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                              January 9, 2017
                                ___________
 
 Introduced  by  Sen.  FUNKE  -- read twice and ordered printed, and when
   printed to be committed to the Committee on Investigations and Govern-
   ment 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 (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
 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.

                                                            LBD03653-01-7

 S. 1446                             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.
   §  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.

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Senate Bill S1446

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Sponsored By

Rich Funke