Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 05, 2022 |
referred to ways and means |
Jan 29, 2021 |
referred to ways and means |
Assembly Bill A3978
2021-2022 Legislative Session
Sponsored By
SALKA
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
Actions
co-Sponsors
Brian D. Miller
2021-A3978 (ACTIVE) - Details
2021-A3978 (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.
2021-A3978 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3978 2021-2022 Regular Sessions I N A S S E M B L Y January 29, 2021 ___________ 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 45 to read as follows: § 45. 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 TWEN- TY-TWO. (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. LBD07913-01-1
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