NY State Senate Bill 2017-S1738A

Senate Bill S1738A

2017-2018 Legislative Session

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

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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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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 26, 2018	print number 1738a
Jan 26, 2018	amend and recommit to investigations and government operations
Jan 03, 2018	referred to investigations and government operations
Jan 10, 2017	referred to investigations and government operations

Bill Amendments

Original

A (Active)

co-Sponsors

2017-S1738 - 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
2015-2016: S3065, S4740
2019-2020: S922, S4696
2021-2022: S3639
2023-2024: S1142

2017-S1738 - Summary

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

2017-S1738 - Sponsor Memo

                                 BILL NUMBER:  S1738

 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, 2017.

 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 :

2016: S.3065-A Referred to Investigations & Government Operations
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, 2017.

2017-S1738 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1738
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             January 10, 2017
                                ___________
 
 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
 
 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  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 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.
   § 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.

                                                            LBD03653-02-7

 S. 1738                             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.

co-Sponsors

2017-S1738A (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
2015-2016: S3065, S4740
2019-2020: S922, S4696
2021-2022: S3639
2023-2024: S1142

2017-S1738A (ACTIVE) - Summary

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

2017-S1738A (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S1738A

SPONSOR: YOUNG
 
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 refund-
able 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, 2018.

 
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 agri-
cultural 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:

2017: S.1738 Referred to Investigations & Government Operations
2016: S.3065-A Referred to Investigations & Government Operations
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, 2018.

2017-S1738A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  1738--A
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             January 10, 2017
                                ___________
 
 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  EIGH-
 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 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.
   § 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  EIGH-
 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.

                                                            LBD03653-03-8

 S. 1738--A                          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, 2018.

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Senate Bill S1738A

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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

2017-S1738 - Details

2017-S1738 - Summary

2017-S1738 - Sponsor Memo

2017-S1738 - Bill Text download pdf

co-Sponsors

John J. Bonacic

Thomas D. Croci

Thomas F. O'Mara

2017-S1738A (ACTIVE) - Details

2017-S1738A (ACTIVE) - Summary

2017-S1738A (ACTIVE) - Sponsor Memo

2017-S1738A (ACTIVE) - Bill Text download pdf

Comments