NY State Senate Bill 2017-S4721A

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 23, 2018	print number 4721a
Feb 23, 2018	amend and recommit to investigations and government operations
Jan 03, 2018	referred to investigations and government operations returned to senate died in assembly
Mar 22, 2017	referred to ways and means
Mar 21, 2017	delivered to assembly passed senate ordered to third reading cal.450 committee discharged and committed to rules
Feb 24, 2017	referred to investigations and government operations

Votes

- Mar 21, 2017 - Floor Vote
  S4721A
  
  62
  
  Aye
  
  0
  
  Nay
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Floor Vote: Mar 21, 2017
      
      aye (62)
      
      Addabbo Jr.
      
      Akshar
      
      Alcantara
      
      Amedore
      
      Avella
      
      Bailey
      
      Bonacic
      
      Boyle
      
      Breslin
      
      Brooks
      
      Carlucci
      
      Comrie
      
      Croci
      
      DeFrancisco
      
      Diaz
      
      Dilan
      
      Felder
      
      Flanagan
      
      Funke
      
      Gallivan
      
      Gianaris
      
      Golden
      
      Griffo
      
      Hamilton
      
      Hannon
      
      Helming
      
      Hoylman-Sigal
      
      Jacobs
      
      Kaminsky
      
      Kennedy
      
      Klein
      
      Krueger
      
      LaValle
      
      Lanza
      
      Larkin
      
      Latimer
      
      Little
      
      Marcellino
      
      Marchione
      
      Montgomery
      
      Murphy
      
      O'Mara
      
      Ortt
      
      Parker
      
      Peralta
      
      Persaud
      
      Phillips
      
      Ranzenhofer
      
      Ritchie
      
      Rivera
      
      Robach
      
      Sanders Jr.
      
      Savino
      
      Serino
      
      Serrano
      
      Seward
      
      Squadron
      
      Stavisky
      
      Stewart-Cousins
      
      Tedisco
      
      Valesky
      
      Young
  Mar 21, 2017 - Rules Committee Vote
  S4721A
  
  25
  
  Aye
  
  0
  
  Nay
  
  0
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Rules Committee Vote: Mar 21, 2017
      
      aye (25)
      
      Bonacic
      
      Breslin
      
      Carlucci
      
      DeFrancisco
      
      Dilan
      
      Flanagan
      
      Gianaris
      
      Griffo
      
      Hannon
      
      Kennedy
      
      Krueger
      
      LaValle
      
      Lanza
      
      Larkin
      
      Little
      
      Marcellino
      
      Montgomery
      
      Parker
      
      Ranzenhofer
      
      Robach
      
      Savino
      
      Seward
      
      Squadron
      
      Stewart-Cousins
      
      Valesky

Bill Amendments

Original

A (Active)

co-Sponsors

2017-S4721 - Details

See Assembly Version of this Bill:: A7368
Current Committee:: Senate Investigations And Government Operations
Law Section:: Tax Law
Laws Affected:: Add §§44 & 187-q, amd §§210-B & 606, Tax L
Versions Introduced in Other Legislative Sessions:: 2019-2020: A5447
2021-2022: A3978
2023-2024: A5483

2017-S4721 - Summary

Relates to the creation of a certified transitional tax credit for taxpayers that demonstrate their agricultural products were sold during a period of transition into USDA organic certification, under the Whole Foods Market IP. L.P. "responsibly grown" labelling program, or under the QAI and Hesco, Inc. "certified transitional" label.

2017-S4721 - Sponsor Memo

                                 BILL NUMBER:  S4721

 TITLE OF BILL :  An act to amend the tax law, in relation to creating
a certified transitional tax credit; and providing for the repeal of
such provisions upon expiration thereof

 PURPOSE :

To extend a limited tax credit to agricultural producers transitioning
in to USDA Organic certification.

 SUMMARY OF PROVISIONS :

Section 1. Amends the tax law by adding section 43, creating a
refundable credit for taxpayers who sold goods under an eligible
program as defined by this act.

Section 2. Amends the tax law by adding section 187-t, creating a
refundable credit for taxpayers who sold goods under an eligible
program as defined by this act.

Section 3. Amends section 210-B of the tax law by adding a new
subdivision, 52, creating a refundable credit for taxpayers who sold
goods under an eligible program as defined by this act.

Section 4. Amends subparagraph B, paragraph 1, subsection i, of

section 606 of the tax law by adding a new clause, xliii.

Section 5. Sets forth the effective date and expiration date for the
act.

 JUSTIFICATION :

The types of agricultural products demanded by consumers is changing.
For example, organic products used to be purchased by only certain
consumers, but are now purchased at least occasionally by the majority
of shoppers. The demand for organic products grows by double digits
each year, growing over twenty-percent from just 1990 to 2002.  As of
2012 organic sales were over four percent of total food sales and had
exceeded $28.4 billion dollars. The majority of grocery stores
nationwide stock organic products, and both grocery stores and farmers
markets have noted a lack of supply relative to growing levels of
demand. However, only about one percent of farmers nationally has been
able to take advantage of that growth. New York State is already a
leading agricultural producer overall, and it will become a leader in
this growing market area as well.

One major impediment to the participation of New York State farms in
the organic market is the three year transition period required to
achieve USDA Organic Certification. During this time period farmers
must comply with organic practices, but cannot sell their products on
the organic market. This change is difficult for farmers to make
because they do not see an immediate return on their investment. The
tax credit proposed by this bill will help to increase the profit
margin for certain agricultural products that meet any one of several
industry standards for crop quality during the transitional period to
USDA Organic Certification. This will reduce the uncertainty farmers
face when attempting to achieve USDA Organic Certification by
providing them with an expanded market for their products and greater
financial security during the transition period.

 LEGISLATIVE HISTORY :

New Bill.

 FISCAL IMPLICATIONS :
To be determined

 EFFECTIVE DATE :
This act shall take effect on January 1, 2018, and shall apply to
taxable years beginning on or after such date. This credit shall
expire after the tax year beginning on January 1, 2024.

2017-S4721 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4721
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             February 24, 2017
                                ___________
 
 Introduced  by  Sen. RITCHIE -- 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 creating a certified transi-
   tional tax credit; and providing for the  repeal  of  such  provisions
   upon expiration thereof

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The tax law is amended by adding a new section 43  to  read
 as follows:
   §  43.  CERTIFIED  TRANSITIONAL TAX CREDIT. (A) ALLOWANCE OF CREDIT. A
 TAXPAYER, WHO IS SUBJECT TO TAX UNDER ARTICLE NINE, NINE-A,  OR  TWENTY-
 TWO  OF  THIS  CHAPTER SHALL BE ALLOWED A REFUNDABLE CREDIT AGAINST SUCH
 TAX TO BE COMPUTED AS PROVIDED IN THIS SECTION, FOR THE TAX  IMPOSED  BY
 THIS  ARTICLE  FOR TAXABLE YEARS AFTER JANUARY FIRST, TWO THOUSAND EIGH-
 TEEN.
   (B) VALUE OF CREDIT. THE AMOUNT OF SUCH CREDIT SHALL BE EQUAL TO TWEN-
 TY-FIVE PERCENT OF THE TOTAL POUNDS OF  GOODS  SOLD  UNDER  AN  ELIGIBLE
 PROGRAM UNDER SUBDIVISION (C) OF THIS SECTION, MULTIPLIED BY ONE-HALF.
   (C)  ELIGIBLE  PROGRAMS. TAXPAYERS THAT WISH TO CLAIM THIS CREDIT MUST
 DEMONSTRATE THEIR AGRICULTURAL PRODUCTS WERE SOLD  DURING  A  PERIOD  OF
 TRANSITION  IN  TO  USDA  ORGANIC  CERTIFICATION,  UNDER THE WHOLE FOODS
 MARKET IP. L.P. "RESPONSIBLY GROWN" LABELLING PROGRAM, OR UNDER THE  QAI
 AND HESCO, INC.  "CERTIFIED TRANSITIONAL" LABEL.
   (D)  APPLICATION  OF CREDIT. THE CREDIT ALLOWED UNDER THIS SECTION FOR
 ANY TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO LESS THAN
 THE MINIMUM TAX FIXED BY THIS ARTICLE. HOWEVER, IF THE AMOUNT OF  CREDIT
 ALLOWED  UNDER THIS SECTION FOR ANY TAXABLE YEAR REDUCES THE TAX TO SUCH
 AMOUNT, ANY AMOUNT OF CREDIT THUS NOT DEDUCTIBLE IN  SUCH  TAXABLE  YEAR
 SHALL  BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED IN
 ACCORDANCE WITH THE PROVISIONS OF SECTION  ONE  THOUSAND  EIGHTY-SIX  OF
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD10248-01-7

 S. 4721                             2
 
 THIS  CHAPTER. EXCEPT AS PROVIDED IN SUBSECTION (C) OF SECTION ONE THOU-
 SAND EIGHTY-EIGHT OF THIS CHAPTER, NO INTEREST SHALL BE PAID THEREON.
   §  2.  The tax law is amended by adding a new section 187-t to read as
 follows:
   § 187-T. CERTIFIED TRANSITIONAL TAX CREDIT. (A) ALLOWANCE OF CREDIT. A
 TAXPAYER, WHO IS SUBJECT TO TAX UNDER ARTICLE NINE, NINE-A,  OR  TWENTY-
 TWO  OF  THIS  CHAPTER SHALL BE ALLOWED A REFUNDABLE CREDIT AGAINST SUCH
 TAX TO BE COMPUTED AS PROVIDED IN THIS SECTION, FOR THE TAX  IMPOSED  BY
 THIS  ARTICLE  FOR TAXABLE YEARS AFTER JANUARY FIRST, TWO THOUSAND EIGH-
 TEEN.
   (B) VALUE OF CREDIT. THE AMOUNT OF SUCH CREDIT SHALL BE EQUAL TO TWEN-
 TY-FIVE PERCENT OF THE TOTAL POUNDS OF  GOODS  SOLD  UNDER  AN  ELIGIBLE
 PROGRAM UNDER SUBDIVISION (C) OF THIS SECTION, MULTIPLIED BY ONE-HALF.
   (C)  ELIGIBLE  PROGRAMS. TAXPAYERS THAT WISH TO CLAIM THIS CREDIT MUST
 DEMONSTRATE THEIR AGRICULTURAL PRODUCTS WERE SOLD  DURING  A  PERIOD  OF
 TRANSITION  IN  TO  USDA  ORGANIC  CERTIFICATION,  UNDER THE WHOLE FOODS
 MARKET IP. L.P. "RESPONSIBLY GROWN" LABELLING PROGRAM, OR UNDER THE  QAI
 AND HESCO, INC.  "CERTIFIED TRANSITIONAL" LABEL.
   (D)  APPLICATION  OF CREDIT. THE CREDIT ALLOWED UNDER THIS SECTION FOR
 ANY TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO LESS THAN
 THE MINIMUM TAX FIXED BY THIS ARTICLE. HOWEVER, IF THE AMOUNT OF  CREDIT
 ALLOWED  UNDER THIS SECTION FOR ANY TAXABLE YEAR REDUCES THE TAX TO SUCH
 AMOUNT, ANY AMOUNT OF CREDIT THUS NOT DEDUCTIBLE IN  SUCH  TAXABLE  YEAR
 SHALL  BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED IN
 ACCORDANCE WITH THE PROVISIONS OF SECTION  ONE  THOUSAND  EIGHTY-SIX  OF
 THIS  CHAPTER. EXCEPT AS PROVIDED IN SUBSECTION (C) OF SECTION ONE THOU-
 SAND EIGHTY-EIGHT OF THIS CHAPTER, NO INTEREST SHALL BE PAID THEREON.
   § 3. Section 210-B of the tax law is amended by adding a new  subdivi-
 sion 52 to read as follows:
   52.  CERTIFIED  TRANSITIONAL  TAX  CREDIT. (A) ALLOWANCE OF CREDIT.  A
 TAXPAYER, WHO IS SUBJECT TO TAX UNDER ARTICLE NINE, NINE-A,  OR  TWENTY-
 TWO  OF  THIS  CHAPTER SHALL BE ALLOWED A REFUNDABLE CREDIT AGAINST SUCH
 TAX TO BE COMPUTED AS PROVIDED IN THIS SUBDIVISION, FOR THE TAX  IMPOSED
 BY  THIS  ARTICLE  FOR  TAXABLE  YEARS AFTER JANUARY FIRST, TWO THOUSAND
 EIGHTEEN.
   (B) VALUE OF CREDIT. THE AMOUNT OF SUCH CREDIT SHALL BE EQUAL TO TWEN-
 TY-FIVE PERCENT OF THE TOTAL POUNDS OF  GOODS  SOLD  UNDER  AN  ELIGIBLE
 PROGRAM UNDER SUBDIVISION (C) OF THIS SECTION, MULTIPLIED BY ONE-HALF.
   (C)  ELIGIBLE  PROGRAMS. TAXPAYERS THAT WISH TO CLAIM THIS CREDIT MUST
 DEMONSTRATE THEIR AGRICULTURAL PRODUCTS WERE SOLD  DURING  A  PERIOD  OF
 TRANSITION  IN  TO  USDA  ORGANIC  CERTIFICATION,  UNDER THE WHOLE FOODS
 MARKET IP. L.P. "RESPONSIBLY GROWN" LABELLING PROGRAM, OR UNDER THE  QAI
 AND HESCO, INC.  "CERTIFIED TRANSITIONAL" LABEL.
   (D)  APPLICATION  OF CREDIT. THE CREDIT ALLOWED UNDER THIS SUBDIVISION
 FOR ANY TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO  LESS
 THAN  THE  MINIMUM  TAX FIXED BY THIS ARTICLE. HOWEVER, IF THE AMOUNT OF
 CREDIT ALLOWED UNDER THIS SUBDIVISION FOR ANY TAXABLE YEAR  REDUCES  THE
 TAX  TO  SUCH  AMOUNT,  ANY AMOUNT OF CREDIT THUS NOT DEDUCTIBLE IN SUCH
 TAXABLE YEAR SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR
 REFUNDED IN ACCORDANCE WITH  THE  PROVISIONS  OF  SECTION  ONE  THOUSAND
 EIGHTY-SIX  OF  THIS  CHAPTER.  EXCEPT  AS PROVIDED IN SUBSECTION (C) OF
 SECTION ONE THOUSAND EIGHTY-EIGHT OF THIS CHAPTER, NO INTEREST SHALL  BE
 PAID THEREON.
   §  4. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
 of the tax law is amended by adding a new  clause  (xliii)  to  read  as
 follows:

 S. 4721                             3
 
 (XLIII) CERTIFIED TRANSITIONAL       AMOUNT OF CREDIT UNDER
 TAX CREDIT UNDER SECTION             SUBDIVISION FIFTY-TWO OF
 FORTY-THREE OF THIS CHAPTER          SECTION TWO HUNDRED TEN-B
   §  5.  This  act shall take effect January 1, 2018, and shall apply to
 taxable years beginning on or after such date, and shall expire  January
 1,  2024  when upon such date the provisions of this act shall be deemed
 repealed; provided, however, that effective  immediately  the  addition,
 amendment  and/or  repeal of any rule or regulation by the department of
 agriculture and markets, in conjunction with the department of  taxation
 and  finance that is necessary for the implementation of this act on its
 effective date are authorized to be made and completed on or before such
 effective date.

co-Sponsors

2017-S4721A (ACTIVE) - Details

See Assembly Version of this Bill:: A7368
Current Committee:: Senate Investigations And Government Operations
Law Section:: Tax Law
Laws Affected:: Add §§44 & 187-q, amd §§210-B & 606, Tax L
Versions Introduced in Other Legislative Sessions:: 2019-2020: A5447
2021-2022: A3978
2023-2024: A5483

2017-S4721A (ACTIVE) - Summary

2017-S4721A (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S4721A

SPONSOR: RITCHIE
 
TITLE OF BILL:  An act to amend the tax law, in relation to creating a
certified transitional tax credit; and providing for the repeal of such
provisions upon expiration thereof

 
PURPOSE:

To extend a limited tax credit to agricultural producers transitioning
in to USDA Organic certification.

 
SUMMARY OF PROVISIONS:

Section 1. Amends the tax law by adding section 44, creating a refunda-
ble credit for taxpayers who sold goods under an eligible program as
defined by this act.

Section 2. Amends the tax law by adding section 187-q, creating a
refundable credit for taxpayers who sold goods under an eligible program
as defined by this act.

Section 3. Amends section 210-B of the tax law by adding a new subdivi-
sion, 53, creating a refundable credit for taxpayers who sold goods
under an eligible program as defined by this act.

Section 4. Amends subparagraph B, paragraph 1, subsection i, of section
606 of the tax law by adding a new clause, xliv.

Section 5. Sets forth the effective date and expiration date for the
act.

 
JUSTIFICATION:

The types of agricultural products demanded by consumers is changing.
For example, organic products used to be purchased by only certain
consumers, but are now purchased at least occasionally by the majority
of shoppers. The demand for organic products grows by double digits each
year, growing over twenty-percent from just 1990 to 2002. As of 2012
organic sales were over four percent of total food sales and had
exceeded $28.4 billion dollars. The majority of grocery stores nation-
wide stock organic products, and both grocery stores and farmers markets
have noted a lack of supply relative to growing levels of demand. Howev-
er, only about one percent of farmers nationally has been able to take
advantage of that growth. New York State is already a leading agricul-
tural producer overall, and it will become a leader in this growing
market area as well.

One major impediment to the participation of New York State farms in the
organic market is the three year transition period required to achieve
USDA Organic Certification. During this time period farmers must comply
with organic practices, but cannot sell their products on the organic
market. This change is difficult for farmers to make because they do not
see an immediate return on their investment. The tax credit proposed by
this bill will help to increase the profit margin for certain agricul-
tural products that meet any one of several industry standards for crop
quality during the transitional period to USDA Organic Certification.
This will reduce the uncertainty farmers face when attempting to achieve
USDA Organic Certification by providing them with an expanded market for
their products and greater financial security during the transition
period.

 
LEGISLATIVE HISTORY:

New bill.

 
FISCAL IMPLICATIONS:

To be determined

 
EFFECTIVE DATE:
This act shall take effect on January 1, 2019, and shall apply to taxa-
ble years beginning on or after such date. This credit shall expire
after the tax year beginning on January 1, 2025.

2017-S4721A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  4721--A
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             February 24, 2017
                                ___________
 
 Introduced  by Sens. RITCHIE, MARCHIONE -- read twice and ordered print-
   ed, 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 creating a certified transi-
   tional tax credit; and providing for the  repeal  of  such  provisions
   upon expiration thereof
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The tax law is amended by adding a new section 44  to  read
 as follows:
   §  44.  CERTIFIED  TRANSITIONAL TAX CREDIT. (A) ALLOWANCE OF CREDIT. A
 TAXPAYER, WHO IS SUBJECT TO TAX UNDER ARTICLE NINE, NINE-A,  OR  TWENTY-
 TWO  OF  THIS  CHAPTER SHALL BE ALLOWED A REFUNDABLE CREDIT AGAINST SUCH
 TAX TO BE COMPUTED AS PROVIDED IN THIS SECTION, FOR THE TAX  IMPOSED  BY
 THIS  ARTICLE  FOR TAXABLE YEARS AFTER JANUARY FIRST, TWO THOUSAND NINE-
 TEEN.
   (B) VALUE OF CREDIT. THE AMOUNT OF SUCH CREDIT SHALL BE EQUAL TO TWEN-
 TY-FIVE PERCENT OF THE TOTAL POUNDS OF  GOODS  SOLD  UNDER  AN  ELIGIBLE
 PROGRAM UNDER SUBDIVISION (C) OF THIS SECTION, MULTIPLIED BY ONE-HALF.
   (C)  ELIGIBLE  PROGRAMS. TAXPAYERS THAT WISH TO CLAIM THIS CREDIT MUST
 DEMONSTRATE THEIR AGRICULTURAL PRODUCTS WERE SOLD  DURING  A  PERIOD  OF
 TRANSITION  IN  TO  USDA  ORGANIC  CERTIFICATION,  UNDER THE WHOLE FOODS
 MARKET IP. L.P. "RESPONSIBLY GROWN" LABELLING PROGRAM, OR UNDER THE  QAI
 AND HESCO, INC.  "CERTIFIED TRANSITIONAL" LABEL.
   (D)  APPLICATION  OF CREDIT. THE CREDIT ALLOWED UNDER THIS SECTION FOR
 ANY TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO LESS THAN
 THE MINIMUM TAX FIXED BY THIS ARTICLE. HOWEVER, IF THE AMOUNT OF  CREDIT
 ALLOWED  UNDER THIS SECTION FOR ANY TAXABLE YEAR REDUCES THE TAX TO SUCH
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD10248-02-8

 S. 4721--A                          2
 
 AMOUNT, ANY AMOUNT OF CREDIT THUS NOT DEDUCTIBLE IN  SUCH  TAXABLE  YEAR
 SHALL  BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED IN
 ACCORDANCE WITH THE PROVISIONS OF SECTION  ONE  THOUSAND  EIGHTY-SIX  OF
 THIS  CHAPTER. EXCEPT AS PROVIDED IN SUBSECTION (C) OF SECTION ONE THOU-
 SAND EIGHTY-EIGHT OF THIS CHAPTER, NO INTEREST SHALL BE PAID THEREON.
   § 2. The tax law is amended by adding a new section 187-q to  read  as
 follows:
   § 187-Q. CERTIFIED TRANSITIONAL TAX CREDIT. (A) ALLOWANCE OF CREDIT. A
 TAXPAYER,  WHO  IS SUBJECT TO TAX UNDER ARTICLE NINE, NINE-A, OR TWENTY-
 TWO OF THIS CHAPTER SHALL BE ALLOWED A REFUNDABLE  CREDIT  AGAINST  SUCH
 TAX  TO  BE COMPUTED AS PROVIDED IN THIS SECTION, FOR THE TAX IMPOSED BY
 THIS ARTICLE FOR TAXABLE YEARS AFTER JANUARY FIRST, TWO  THOUSAND  NINE-
 TEEN.
   (B) VALUE OF CREDIT. THE AMOUNT OF SUCH CREDIT SHALL BE EQUAL TO TWEN-
 TY-FIVE  PERCENT  OF  THE  TOTAL  POUNDS OF GOODS SOLD UNDER AN ELIGIBLE
 PROGRAM UNDER SUBDIVISION (C) OF THIS SECTION, MULTIPLIED BY ONE-HALF.
   (C) ELIGIBLE PROGRAMS. TAXPAYERS THAT WISH TO CLAIM THIS  CREDIT  MUST
 DEMONSTRATE  THEIR  AGRICULTURAL  PRODUCTS  WERE SOLD DURING A PERIOD OF
 TRANSITION IN TO USDA  ORGANIC  CERTIFICATION,  UNDER  THE  WHOLE  FOODS
 MARKET  IP. L.P. "RESPONSIBLY GROWN" LABELLING PROGRAM, OR UNDER THE QAI
 AND HESCO, INC.  "CERTIFIED TRANSITIONAL" LABEL.
   (D) APPLICATION OF CREDIT. THE CREDIT ALLOWED UNDER THIS  SECTION  FOR
 ANY TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO LESS THAN
 THE  MINIMUM TAX FIXED BY THIS ARTICLE. HOWEVER, IF THE AMOUNT OF CREDIT
 ALLOWED UNDER THIS SECTION FOR ANY TAXABLE YEAR REDUCES THE TAX TO  SUCH
 AMOUNT,  ANY  AMOUNT  OF CREDIT THUS NOT DEDUCTIBLE IN SUCH TAXABLE YEAR
 SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED  IN
 ACCORDANCE  WITH  THE  PROVISIONS  OF SECTION ONE THOUSAND EIGHTY-SIX OF
 THIS CHAPTER. EXCEPT AS PROVIDED IN SUBSECTION (C) OF SECTION ONE  THOU-
 SAND EIGHTY-EIGHT OF THIS CHAPTER, NO INTEREST SHALL BE PAID THEREON.
   §  3. Section 210-B of the tax law is amended by adding a new subdivi-
 sion 53 to read as follows:
   53. CERTIFIED TRANSITIONAL TAX CREDIT. (A) ALLOWANCE  OF  CREDIT.    A
 TAXPAYER,  WHO  IS SUBJECT TO TAX UNDER ARTICLE NINE, NINE-A, OR TWENTY-
 TWO OF THIS CHAPTER SHALL BE ALLOWED A REFUNDABLE  CREDIT  AGAINST  SUCH
 TAX  TO BE COMPUTED AS PROVIDED IN THIS SUBDIVISION, FOR THE TAX IMPOSED
 BY THIS ARTICLE FOR TAXABLE YEARS  AFTER  JANUARY  FIRST,  TWO  THOUSAND
 NINETEEN.
   (B) VALUE OF CREDIT. THE AMOUNT OF SUCH CREDIT SHALL BE EQUAL TO TWEN-
 TY-FIVE  PERCENT  OF  THE  TOTAL  POUNDS OF GOODS SOLD UNDER AN ELIGIBLE
 PROGRAM UNDER SUBDIVISION (C) OF THIS SECTION, MULTIPLIED BY ONE-HALF.
   (C) ELIGIBLE PROGRAMS. TAXPAYERS THAT WISH TO CLAIM THIS  CREDIT  MUST
 DEMONSTRATE  THEIR  AGRICULTURAL  PRODUCTS  WERE SOLD DURING A PERIOD OF
 TRANSITION IN TO USDA  ORGANIC  CERTIFICATION,  UNDER  THE  WHOLE  FOODS
 MARKET  IP. L.P. "RESPONSIBLY GROWN" LABELLING PROGRAM, OR UNDER THE QAI
 AND HESCO, INC.  "CERTIFIED TRANSITIONAL" LABEL.
   (D) APPLICATION OF CREDIT. THE CREDIT ALLOWED UNDER  THIS  SUBDIVISION
 FOR  ANY TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO LESS
 THAN THE MINIMUM TAX FIXED BY THIS ARTICLE. HOWEVER, IF  THE  AMOUNT  OF
 CREDIT  ALLOWED  UNDER THIS SUBDIVISION FOR ANY TAXABLE YEAR REDUCES THE
 TAX TO SUCH AMOUNT, ANY AMOUNT OF CREDIT THUS  NOT  DEDUCTIBLE  IN  SUCH
 TAXABLE YEAR SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR
 REFUNDED  IN  ACCORDANCE  WITH  THE  PROVISIONS  OF SECTION ONE THOUSAND
 EIGHTY-SIX OF THIS CHAPTER. EXCEPT AS  PROVIDED  IN  SUBSECTION  (C)  OF
 SECTION  ONE THOUSAND EIGHTY-EIGHT OF THIS CHAPTER, NO INTEREST SHALL BE
 PAID THEREON.

 S. 4721--A                          3
 
   § 4. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
 of  the  tax  law  is  amended  by adding a new clause (xliv) to read as
 follows:
 (XLIV) CERTIFIED TRANSITIONAL        AMOUNT OF CREDIT UNDER
 TAX CREDIT UNDER SECTION             SUBDIVISION FIFTY-THREE OF
 FORTY-FOUR OF THIS CHAPTER           SECTION TWO HUNDRED TEN-B
   §  5.  This  act shall take effect January 1, 2019, and shall apply to
 taxable years beginning on or after such date, and shall expire  January
 1,  2025  when upon such date the provisions of this act shall be deemed
 repealed; provided, however, that effective  immediately  the  addition,
 amendment  and/or  repeal of any rule or regulation by the department of
 agriculture and markets, in conjunction with the department of  taxation
 and  finance that is necessary for the implementation of this act on its
 effective date are authorized to be made and completed on or before such
 effective date.

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Senate Bill S4721A

Sponsored By

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

Mar 21, 2017 - Floor Vote

Floor Vote: Mar 21, 2017

Mar 21, 2017 - Rules Committee Vote

Rules Committee Vote: Mar 21, 2017

Bill Amendments

co-Sponsors

2017-S4721 - Details

2017-S4721 - Summary

2017-S4721 - Sponsor Memo

2017-S4721 - Bill Text download pdf

co-Sponsors

2017-S4721A (ACTIVE) - Details

2017-S4721A (ACTIVE) - Summary

2017-S4721A (ACTIVE) - Sponsor Memo

2017-S4721A (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S4721A

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Sponsored By

Patty Ritchie

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

Bill Amendments

co-Sponsors

Kathleen A. Marchione

2017-S4721 - Details

2017-S4721 - Summary

2017-S4721 - Sponsor Memo

2017-S4721 - Bill Text download pdf

co-Sponsors

Kathleen A. Marchione

2017-S4721A (ACTIVE) - Details

2017-S4721A (ACTIVE) - Summary

2017-S4721A (ACTIVE) - Sponsor Memo

2017-S4721A (ACTIVE) - Bill Text download pdf

Comments