Bill Text: NY A07318 | 2013-2014 | General Assembly | Introduced
Bill Title: Reduces certain farm-based fees and taxes.
Spectrum: Slight Partisan Bill (Democrat 15-9)
Status: (Introduced - Dead) 2014-06-17 - held for consideration in ways and means [A07318 Detail]
Download: New_York-2013-A07318-Introduced.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 7318 2013-2014 Regular Sessions I N A S S E M B L Y May 10, 2013 ___________ Introduced by M. of A. RUSSELL -- read once and referred to the Commit- tee on Ways and Means AN ACT to amend the tax law, in relation to reducing farm-based taxes and fees THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: 1 Section 1. Subparagraphs (A) and (B) of paragraph 3 of subsection (c) 2 of section 658 of the tax law, subparagraph (A) as amended by section 18 3 of part U of chapter 61 of the laws of 2011 and subparagraph (B) as 4 amended by section 1 of part H-1 of chapter 57 of the laws of 2009, are 5 amended to read as follows: 6 (A) Every subchapter K limited liability company, every limited 7 liability company that is a disregarded entity for federal income tax 8 purposes, and every partnership which has any income derived from New 9 York sources, determined in accordance with the applicable rules of 10 section six hundred thirty-one of this article as in the case of a 11 nonresident individual, shall, within sixty days after the last day of 12 the taxable year, make a payment of a filing fee. SUCH DEADLINE SHALL 13 NOT APPLY TO FARMS, COMMERCIAL HORSE BOARDING OPERATIONS OR AGRICULTURAL 14 SERVICE PROVIDERS SUBJECT TO THE FEE, WHICH SHALL, WITHIN ONE HUNDRED 15 TWENTY DAYS AFTER THE LAST DAY OF THE TAXABLE YEAR, MAKE PAYMENT OF ANY 16 REQUIRED FILING FEE. The amount of the filing fee is the amount set 17 forth in subparagraph (B) of this paragraph. The minimum filing fee is 18 twenty-five dollars for taxable years beginning in two thousand eight 19 and thereafter. Limited liability companies that are disregarded enti- 20 ties for federal income tax purposes must pay a filing fee of twenty- 21 five dollars for taxable years beginning on or after January first, two 22 thousand eight. 23 (B) The filing fee will be based on the New York source gross income 24 of the limited liability company or partnership for the taxable year 25 immediately preceding the taxable year for which the fee is due. If the EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10576-01-3 A. 7318 2 1 limited liability company or partnership does not have any New York 2 source gross income for the taxable year immediately preceding the taxa- 3 ble year for which the fee is due, the limited liability company or 4 partnership shall pay the minimum filing fee. Partnerships, other than 5 limited liability partnerships under article eight-B of the partnership 6 law and foreign limited liability partnerships, with less than one 7 million dollars in New York source gross income are exempt from the 8 filing fee. New York source gross income is the sum of the partners' or 9 members' shares of federal gross income from the partnership or limited 10 liability company derived from or connected with New York sources, 11 determined in accordance with the provisions of section six hundred 12 thirty-one of this article as if those provisions and any related 13 provisions expressly referred to a computation of federal gross income 14 from New York sources. For this purpose, federal gross income is 15 computed without any allowance or deduction for cost of goods sold, 16 EXCEPT THAT FOR COMPANIES ENGAGED PRIMARILY IN FARMING, COMMERCIAL HORSE 17 BOARDING, COMMERCIAL EQUINE OPERATIONS OR AGRICULTURAL SERVICE PROVID- 18 ERS, THE TERM FEDERAL GROSS INCOME SHALL MEAN NET INCOME AS REPORTED FOR 19 FEDERAL TAX PURPOSES. 20 The amount of the filing fee for taxable years beginning on or after 21 January first, two thousand eight will be determined in accordance with 22 the following table: 23 If the New York source gross income is: The fee is: 24 not more than $100,000 $25 25 more than $100,000 but not over $250,000 $50 26 more than $250,000 but not over $500,000 $175 27 more than $500,000 but not over $1,000,000 $500 28 more than $1,000,000 but not over $5,000,000 $1,500 29 more than $5,000,000 but not over $25,000,000 $3,000 30 Over $25,000,000 $4,500 31 S 2. Subparagraph 4 of paragraph (d) of subdivision 1 of section 210 32 of the tax law, as added by section 2 of part AA-1 of chapter 57 of the 33 laws of 2008, is amended to read as follows: 34 (4) Notwithstanding subparagraphs one and two of this paragraph, for 35 taxable years beginning on or after January first, two thousand eight, 36 the amount prescribed by this paragraph for New York S corporations will 37 be determined in accordance with the following table: 38 If New York receipts are: The fixed dollar minimum tax is: 39 not more than $100,000 $ 25 40 more than $100,000 but not over $250,000 $ 50 41 more than $250,000 but not over $500,000 $ 175 42 more than $500,000 but not over $1,000,000 $ 300 43 more than $1,000,000 but not over $5,000,000 $1,000 44 more than $5,000,000 but not over $25,000,000 $3,000 45 Over $25,000,000 $4,500 46 Otherwise the amount prescribed by this paragraph will be determined in 47 accordance with the following table: 48 If New York receipts are: The fixed dollar minimum tax is: 49 not more than $100,000 $ 25 50 more than $100,000 but not over $250,000 $ 75 51 more than $250,000 but not over $500,000 $ 175 A. 7318 3 1 more than $500,000 but not over $1,000,000 $ 500 2 more than $1,000,000 but not over $5,000,000 $1,500 3 more than $5,000,000 but not over $25,000,000 $3,500 4 Over $25,000,000 $5,000 5 For purposes of this paragraph, New York receipts are the receipts 6 computed in accordance with subparagraph two of paragraph (a) of subdi- 7 vision three of this section for the taxable year, EXCEPT THAT FOR 8 CORPORATIONS ENGAGED PRIMARILY IN FARMING, COMMERCIAL HORSE BOARDING, 9 COMMERCIAL EQUINE OPERATIONS OR PROVIDING AGRICULTURAL SERVICES, THE 10 TERM NEW YORK RECEIPTS SHALL REFER TO NET FARM INCOME AS REPORTED FOR 11 FEDERAL TAX PURPOSES. 12 S 3. This act shall take effect immediately.