Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 05, 2022 |
referred to budget and revenue |
May 19, 2021 |
reported and committed to finance |
May 06, 2021 |
print number 4773a |
May 06, 2021 |
amend and recommit to budget and revenue |
Feb 11, 2021 |
referred to budget and revenue |
Senate Bill S4773A
2021-2022 Legislative Session
Sponsored By
(D, WF) 41st Senate District
Archive: Last Bill Status - In Senate Committee Budget And Revenue 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
Votes
Bill Amendments
2021-S4773 - Details
- See Assembly Version of this Bill:
- A6385
- Current Committee:
- Senate Budget And Revenue
- Law Section:
- Tax Law
- Laws Affected:
- Amd §§210-B & 606, Tax L
2021-S4773 - Sponsor Memo
BILL NUMBER: S4773 SPONSOR: HINCHEY TITLE OF BILL: An act to amend the tax law, in relation to the definition of eligible farmer for purposes of the agricultural property tax credit PURPOSE: To increase farmer eligibility to the Farmers' School Property Tax Cred- it Program. SUMMARY OF PROVISIONS: Section 210-B of Article 9-A of tax law is amended to increase the excess federal gross income exclusion from $30,000 to $50,000 for the Farmers' School Tax Credit. JUSTIFICATION:
2021-S4773 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4773 2021-2022 Regular Sessions I N S E N A T E February 11, 2021 ___________ Introduced by Sen. HINCHEY -- read twice and ordered printed, and when printed to be committed to the Committee on Budget and Revenue AN ACT to amend the tax law, in relation to the definition of eligible farmer for purposes of the agricultural property tax credit THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph (b) of subdivision 11 of section 210-B of the tax law, as added by section 17 of part A of chapter 59 of the laws of 2014, is amended to read as follows: (b) Eligible farmer. For purposes of this subdivision, the term "eligible farmer" means a taxpayer whose federal gross income from farm- ing for the taxable year is at least two-thirds of excess federal gross income. The term "eligible farmer" also includes a corporation other than the taxpayer of record for qualified agricultural land which has paid the school district property taxes on such land pursuant to a contract for the future purchase of such land; provided that such corpo- ration has a federal gross income from farming for the taxable year which is at least two-thirds of excess federal gross income; and provided further that, in determining such income eligibility, a taxpay- er may, for any taxable year, use the average of such federal gross income from farming for that taxable year and such income for the two consecutive taxable years immediately preceding such taxable year. Excess federal gross income means the amount of federal gross income from all sources for the taxable year in excess of [thirty] FIFTY thou- sand dollars. For the purposes of this paragraph, payments from the state's farmland protection program, administered by the department of agriculture and markets, shall be included as federal gross income from farming for otherwise eligible farmers. § 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09695-02-1
co-Sponsors
(D) 14th Senate District
(D) 50th Senate District
2021-S4773A (ACTIVE) - Details
- See Assembly Version of this Bill:
- A6385
- Current Committee:
- Senate Budget And Revenue
- Law Section:
- Tax Law
- Laws Affected:
- Amd §§210-B & 606, Tax L
2021-S4773A (ACTIVE) - Sponsor Memo
BILL NUMBER: S4773A SPONSOR: HINCHEY TITLE OF BILL: An act to amend the tax law, in relation to the definition of eligible farmer for purposes of the agricultural property tax credit PURPOSE: To increase farmer eligibility to the Farmers' School Property Tax Cred- it Program. SUMMARY OF PROVISIONS: Section 1: Section 210-B of Article 9-A of tax law is amended to increase the excess federal gross income exclusion from $30,000 to $50,000 for the Farmers' School Tax Credit. Section 2: Section 606, subsection (n) of the tax law is amended to increase the excess federal gross income exclusion from $30,000 to
2021-S4773A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4773--A 2021-2022 Regular Sessions I N S E N A T E February 11, 2021 ___________ Introduced by Sen. HINCHEY -- read twice and ordered printed, and when printed to be committed to the Committee on Budget and Revenue -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the tax law, in relation to the definition of eligible farmer for purposes of the agricultural property tax credit THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph (b) of subdivision 11 of section 210-B of the tax law, as added by section 17 of part A of chapter 59 of the laws of 2014, is amended to read as follows: (b) Eligible farmer. For purposes of this subdivision, the term "eligible farmer" means a taxpayer whose federal gross income from farm- ing for the taxable year is at least two-thirds of excess federal gross income. The term "eligible farmer" also includes a corporation other than the taxpayer of record for qualified agricultural land which has paid the school district property taxes on such land pursuant to a contract for the future purchase of such land; provided that such corpo- ration has a federal gross income from farming for the taxable year which is at least two-thirds of excess federal gross income; and provided further that, in determining such income eligibility, a taxpay- er may, for any taxable year, use the average of such federal gross income from farming for that taxable year and such income for the two consecutive taxable years immediately preceding such taxable year. Excess federal gross income means the amount of federal gross income from all sources for the taxable year in excess of [thirty] FIFTY thou- sand dollars. For the purposes of this paragraph, payments from the state's farmland protection program, administered by the department of agriculture and markets, shall be included as federal gross income from farming for otherwise eligible farmers. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09695-03-1
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