Bill Text: NY A00884 | 2017-2018 | General Assembly | Introduced

New York Assembly Bill 884 (Prior Session Legislation)

Introduced

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

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2018-01-03 - referred to ways and means [A00884 Detail]

Download: New_York-2017-A00884-Introduced.html

                STATE OF NEW YORK
        ________________________________________________________________________
                                           884
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                     January 9, 2017
                                       ___________
        Introduced  by M. of A. GUNTHER, MAGEE, LUPARDO, COOK, SKOUFIS, BENEDET-
          TO, RAIA, BLANKENBUSH, MONTESANO, PALUMBO, LOPEZ,  LUPINACCI,  FRIEND,
          PALMESANO  --  Multi-Sponsored  by -- M. of A. BARCLAY, CROUCH, FINCH,
          GIGLIO, GOODELL, HAWLEY, LENTOL, LIFTON, McLAUGHLIN, RIVERA, SALADINO,
          STEC, TITONE -- 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  seven-
     5  teen,  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 seven-
    18  teen, 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
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03653-01-7

        A. 884                              2
     1  elect  to  treat the amount by which such credit exceeds such tax due as
     2  an overpayment of tax to be refunded in accordance with  the  provisions
     3  of  section six hundred eighty-six of this article. For purposes of this
     4  paragraph, the term "farm operation" shall have the same meaning as such
     5  term  is  defined  in subdivision eleven of section three hundred one of
     6  the agriculture and markets law.
     7    § 3. This act shall take effect immediately, and shall  be  deemed  to
     8  have been in full force and effect on and after January 1, 2017.