Senate Bill S5153

2021-2022 Legislative Session

Provides insurance corporations with a tax credit for investments made in rural business growth funds; establishes the New York agriculture and rural jobs fund

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Sponsored By

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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2021-S5153 (ACTIVE) - Details

See Assembly Version of this Bill:
A2552
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Add §§45 & 187-q, amd §§1511 & 210-B, Tax L; add §99-ii, St Fin L
Versions Introduced in Other Legislative Sessions:
2015-2016: S7094, A9636
2017-2018: S4727, A4772
2019-2020: S4642, A6505

2021-S5153 (ACTIVE) - Summary

Relates to providing insurance corporations with a tax credit for investments made in rural business growth funds; establishes the New York agriculture and rural jobs fund.

2021-S5153 (ACTIVE) - Sponsor Memo

2021-S5153 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5153
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             February 25, 2021
                                ___________
 
 Introduced  by  Sen.  MAY  --  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 providing  insurance  corpo-
   rations  with  a  tax  credit  for  investments made in rural business
   growth funds; and to amend the  state  finance  law,  in  relation  to
   establishing the New York agriculture and rural jobs fund
 
   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. NEW YORK AGRICULTURE AND RURAL JOBS CREDIT. (A) DEFINITIONS. FOR
 THE PURPOSE OF THIS SECTION THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING
 MEANINGS:
   (1)  "AFFILIATE"  MEANS  A PERSON THAT DIRECTLY, OR INDIRECTLY THROUGH
 ONE OR MORE INTERMEDIARIES, CONTROLS, IS  CONTROLLED  BY,  OR  IS  UNDER
 COMMON  CONTROL  WITH  ANOTHER PERSON. FOR THE PURPOSES OF THIS SUBDIVI-
 SION, A PERSON IS "CONTROLLED BY"  ANOTHER  PERSON  IF  THE  CONTROLLING
 PERSON  HOLDS,  DIRECTLY OR INDIRECTLY, THE MAJORITY VOTING OR OWNERSHIP
 INTEREST IN THE CONTROLLED PERSON OR HAS  CONTROL  OVER  THE  DAY-TO-DAY
 OPERATIONS OF THE CONTROLLED PERSON BY CONTRACT OR BY LAW.
   (2)  "CLOSING  DATE"  MEANS  THE DATE ON WHICH A RURAL BUSINESS GROWTH
 FUND HAS COLLECTED ALL OF THE AMOUNTS SPECIFIED BY SUBPARAGRAPHS (A) AND
 (B) OF PARAGRAPH SEVEN OF SUBDIVISION (B) OF THIS SECTION.
   (3) "CREDIT-ELIGIBLE CAPITAL CONTRIBUTION" MEANS AN INVESTMENT OF CASH
 BY A PERSON IN A RURAL BUSINESS GROWTH FUND THAT EQUALS THE AMOUNT SPEC-
 IFIED ON A TAX CREDIT CERTIFICATE ISSUED BY THE DEPARTMENT UNDER SUBPAR-
 AGRAPH (B) OF PARAGRAPH SIX OF SUBDIVISION (B) OF  THIS  SECTION.    THE
 INVESTMENT  SHALL  PURCHASE  AN  EQUITY  INTEREST  IN THE RURAL BUSINESS
 GROWTH FUND OR PURCHASE, AT PAR VALUE  OR  PREMIUM,  A  DEBT  INSTRUMENT
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD01231-01-1
              

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