Assembly Bill A8459

2023-2024 Legislative Session

Creates a quarterly advance payment schedule for the farm employer overtime tax credit

download bill text pdf

Sponsored By

Current 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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2023-A8459 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §42-a, Tax L

2023-A8459 (ACTIVE) - Summary

Creates a quarterly advance payment schedule for the farm employer overtime tax credit.

2023-A8459 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8459
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             December 29, 2023
                                ___________
 
 Introduced by M. of A. BYRNES -- read once and referred to the Committee
   on Ways and Means
 
 AN  ACT  to  amend  the  tax  law,  in relation to advance payments of a
   portion of the farm employer overtime tax credit
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1.  Paragraphs  1 and 2 of subdivision (h) of section 42-a of
 the tax law, as added by section 2 of subpart C of part B of chapter  59
 of the laws of 2022, are amended to read as follows:
   (1)  (I) Taxpayers shall have the option to request an advance payment
 of the portion of the amount of tax credit they are allowed  under  this
 section  for the amount of eligible overtime that the farm employer paid
 from January first through [July] MARCH thirty-first. To be eligible for
 the advance payment, the farm employer must submit by [September thirti-
 eth] MAY THIRTY-FIRST a properly completed application to the department
 of agriculture and markets, in a form prescribed by the commissioner  of
 agriculture  and  markets,  that demonstrates how much the farm employer
 paid in eligible overtime during that period.
   (II) TAXPAYERS SHALL HAVE THE OPTION TO REQUEST AN ADVANCE PAYMENT  OF
 THE  PORTION  OF  THE  AMOUNT  OF TAX CREDIT THEY ARE ALLOWED UNDER THIS
 SECTION FOR THE AMOUNT OF ELIGIBLE OVERTIME THAT THE FARM EMPLOYER  PAID
 FROM  APRIL FIRST THROUGH JUNE THIRTIETH. TO BE ELIGIBLE FOR THE ADVANCE
 PAYMENT, THE FARM EMPLOYER MUST SUBMIT BY AUGUST THIRTY-FIRST A PROPERLY
 COMPLETED APPLICATION TO THE DEPARTMENT OF AGRICULTURE AND MARKETS, IN A
 FORM PRESCRIBED BY THE COMMISSIONER OF  AGRICULTURE  AND  MARKETS,  THAT
 DEMONSTRATES HOW MUCH THE FARM EMPLOYER PAID IN ELIGIBLE OVERTIME DURING
 THAT PERIOD.
   (III) TAXPAYERS SHALL HAVE THE OPTION TO REQUEST AN ADVANCE PAYMENT OF
 THE  PORTION  OF  THE  AMOUNT  OF TAX CREDIT THEY ARE ALLOWED UNDER THIS
 SECTION FOR THE AMOUNT OF ELIGIBLE OVERTIME THAT THE FARM EMPLOYER  PAID
 FROM  JULY  FIRST  THROUGH  SEPTEMBER  THIRTIETH. TO BE ELIGIBLE FOR THE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD13562-02-3
              

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