Assembly Bill A5447

2019-2020 Legislative Session

Relates to the creation of a certified transitional tax credit

download bill text pdf

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Archive: Last Bill Status - In Assembly 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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2019-A5447 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Add §§44 & 187-q, amd §§210-B & 606, Tax L
Versions Introduced in Other Legislative Sessions:
2017-2018: A7368
2021-2022: A3978
2023-2024: A5483

2019-A5447 (ACTIVE) - 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.

2019-A5447 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5447
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 12, 2019
                                ___________
 
 Introduced  by M. of A. SALKA -- read once and referred to the Committee
   on Ways and Means
 
 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 TWENTY.
   (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.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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