Bill Text: NY A00797 | 2023-2024 | General Assembly | Introduced

---

Bill Title: Provides that excess investment tax credit amounts may be refundable to operators of a farm operation.

Spectrum: Bipartisan Bill

Status: (Introduced) 2024-01-03 - referred to ways and means [A00797 Detail]

Download: New_York-2023-A00797-Introduced.html

---

                STATE OF NEW YORK
        ________________________________________________________________________

                                           797

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                    January 11, 2023
                                       ___________

        Introduced  by M. of A. GUNTHER, LUPARDO, COOK, BENEDETTO, STECK, JONES,
          BLANKENBUSH, FRIEND, PALMESANO, BRABENEC,  MILLER,  LEMONDES  --  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:

     1    Section 1. Subdivision 1 of section 210-B of the tax law is amended by
     2  adding a new paragraph (e-1) to read as follows:
     3    (e-1)  Notwithstanding  any  other  provision of this subdivision, for
     4  taxable years beginning on or after January first, two thousand  twenty-
     5  three,  if the credit allowed under this subdivision is greater than the
     6  tax due in any taxable year for  a  taxpayer  whose  primary  source  of
     7  income  is  derived  from  operating a farm operation, such taxpayer may
     8  elect to treat the amount by which such credit exceeds such tax  due  as
     9  an  overpayment  of tax to be refunded in accordance with the provisions
    10  of section ten hundred eighty-six of this chapter. For purposes of  this
    11  paragraph, the term "farm operation" shall have the same meaning as such
    12  term  is  defined  in subdivision eleven of section three hundred one of
    13  the agriculture and markets law.
    14    § 2. Subsection (a) of section 606 of the tax law is amended by adding
    15  a new paragraph 5-a to read as follows:
    16    (5-a) Notwithstanding any other  provision  of  this  subsection,  for
    17  taxable  years beginning on or after January first, two thousand twenty-
    18  three, if the credit allowed under this subsection is greater  than  the
    19  tax  due  in  any  taxable  year  for a taxpayer whose primary source of
    20  income is derived from operating a farm  operation,  such  taxpayer  may
    21  elect  to  treat the amount by which such credit exceeds such tax due as
    22  an overpayment of tax to be refunded in accordance with  the  provisions
    23  of  section six hundred eighty-six of this article. For purposes of this

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03019-01-3
        A. 797                              2

     1  paragraph, the term "farm operation" shall have the same meaning as such
     2  term is defined in subdivision eleven of section three  hundred  one  of
     3  the agriculture and markets law.
     4    §  3.  This  act shall take effect immediately, and shall be deemed to
     5  have been in full force and effect on and after January 1, 2023.