S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    68
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                (PREFILED)
 
                              January 6, 2021
                                ___________
 
 Introduced  by M. of A. GUNTHER, LUPARDO, COOK, BENEDETTO, STECK, JONES,
   BLANKENBUSH, MONTESANO,  FRIEND,  PALMESANO,  BRABENEC,  B. MILLER  --
   Multi-Sponsored by -- M. of A. BARCLAY, J. M. GIGLIO, GOODELL, HAWLEY,
   RAMOS,  J. RIVERA  --  read once and referred to the Committee on Ways
   and Means

 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 TWENTY-
 ONE, 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  TWENTY-
 ONE, 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

                       [ ] is old law to be omitted.
                                                            LBD02502-01-1

 A. 68                               2
 
 TREAT THE AMOUNT BY WHICH SUCH CREDIT EXCEEDS SUCH TAX DUE AS  AN  OVER-
 PAYMENT  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, 2021.