Bill Text: NY A07368 | 2017-2018 | General Assembly | Amended

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Bill Title: Relates to the creation of a certified transitional tax credit for taxpayers that demonstrate their agricultural products were sold during a period of transition into USDA organic certification, under the Whole Foods Market IP. L.P. "responsibly grown" labelling program, or under the QAI and Hesco, Inc. "certified transitional" label.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2018-03-08 - print number 7368a [A07368 Detail]

Download: New_York-2017-A07368-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         7368--A
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                     April 25, 2017
                                       ___________
        Introduced  by M. of A. MAGEE -- read once and referred to the Committee
          on Ways and Means -- recommitted to the Committee on Ways and Means in
          accordance with Assembly Rule 3, sec. 2 -- committee discharged,  bill
          amended,  ordered reprinted as amended and recommitted to said commit-
          tee
        AN ACT to amend the tax law, in relation to creating a certified transi-
          tional tax credit; and providing for the  repeal  of  such  provisions
          upon expiration thereof
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. The tax law is amended by adding a new section 44  to  read
     2  as follows:
     3    §  44.  Certified  transitional tax credit. (a) Allowance of credit. A
     4  taxpayer, who is subject to tax under article nine, nine-A,  or  twenty-
     5  two  of  this  chapter shall be allowed a refundable credit against such
     6  tax to be computed as provided in this section, for the tax  imposed  by
     7  this  article  for taxable years after January first, two thousand nine-
     8  teen.
     9    (b) Value of credit. The amount of such credit shall be equal to twen-
    10  ty-five percent of the total pounds of  goods  sold  under  an  eligible
    11  program under subdivision (c) of this section, multiplied by one-half.
    12    (c)  Eligible  programs. Taxpayers that wish to claim this credit must
    13  demonstrate their agricultural products were sold  during  a  period  of
    14  transition  in  to  USDA  organic  certification,  under the Whole Foods
    15  Market IP. L.P. "responsibly grown" labelling program, or under the  QAI
    16  and Hesco, Inc.  "certified transitional" label.
    17    (d)  Application  of credit. The credit allowed under this section for
    18  any taxable year shall not reduce the tax due for such year to less than
    19  the minimum tax fixed by this article. However, if the amount of  credit
    20  allowed  under this section for any taxable year reduces the tax to such
    21  amount, any amount of credit thus not deductible in  such  taxable  year
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10248-03-8
        A. 7368--A                          2
     1  shall  be treated as an overpayment of tax to be credited or refunded in
     2  accordance with the provisions of section  one  thousand  eighty-six  of
     3  this  chapter. Except as provided in subsection (c) of section one thou-
     4  sand eighty-eight of this chapter, no interest shall be paid thereon.
     5    §  2.  The tax law is amended by adding a new section 187-q to read as
     6  follows:
     7    § 187-q. Certified transitional tax credit. (a) Allowance of credit. A
     8  taxpayer, who is subject to tax under article nine, nine-A,  or  twenty-
     9  two  of  this  chapter shall be allowed a refundable credit against such
    10  tax to be computed as provided in this section, for the tax  imposed  by
    11  this  article  for taxable years after January first, two thousand nine-
    12  teen.
    13    (b) Value of credit. The amount of such credit shall be equal to twen-
    14  ty-five percent of the total pounds of  goods  sold  under  an  eligible
    15  program under subdivision (c) of this section, multiplied by one-half.
    16    (c)  Eligible  programs. Taxpayers that wish to claim this credit must
    17  demonstrate their agricultural products were sold  during  a  period  of
    18  transition  in  to  USDA  organic  certification,  under the Whole Foods
    19  Market IP. L.P. "responsibly grown" labelling program, or under the  QAI
    20  and Hesco, Inc.  "certified transitional" label.
    21    (d)  Application  of credit. The credit allowed under this section for
    22  any taxable year shall not reduce the tax due for such year to less than
    23  the minimum tax fixed by this article. However, if the amount of  credit
    24  allowed  under this section for any taxable year reduces the tax to such
    25  amount, any amount of credit thus not deductible in  such  taxable  year
    26  shall  be treated as an overpayment of tax to be credited or refunded in
    27  accordance with the provisions of section  one  thousand  eighty-six  of
    28  this  chapter. Except as provided in subsection (c) of section one thou-
    29  sand eighty-eight of this chapter, no interest shall be paid thereon.
    30    § 3. Section 210-B of the tax law is amended by adding a new  subdivi-
    31  sion 53 to read as follows:
    32    53.  Certified  transitional  tax  credit. (a) Allowance of credit.  A
    33  taxpayer, who is subject to tax under article nine, nine-A,  or  twenty-
    34  two  of  this  chapter shall be allowed a refundable credit against such
    35  tax to be computed as provided in this subdivision, for the tax  imposed
    36  by  this  article  for  taxable  years after January first, two thousand
    37  nineteen.
    38    (b) Value of credit. The amount of such credit shall be equal to twen-
    39  ty-five percent of the total pounds of  goods  sold  under  an  eligible
    40  program under subdivision (c) of this section, multiplied by one-half.
    41    (c)  Eligible  programs. Taxpayers that wish to claim this credit must
    42  demonstrate their agricultural products were sold  during  a  period  of
    43  transition  in  to  USDA  organic  certification,  under the Whole Foods
    44  Market IP. L.P. "responsibly grown" labelling program, or under the  QAI
    45  and Hesco, Inc.  "certified transitional" label.
    46    (d)  Application  of credit. The credit allowed under this subdivision
    47  for any taxable year shall not reduce the tax due for such year to  less
    48  than  the  minimum  tax fixed by this article. However, if the amount of
    49  credit allowed under this subdivision for any taxable year  reduces  the
    50  tax  to  such  amount,  any amount of credit thus not deductible in such
    51  taxable year shall be treated as an overpayment of tax to be credited or
    52  refunded in accordance with  the  provisions  of  section  one  thousand
    53  eighty-six  of  this  chapter.  Except  as provided in subsection (c) of
    54  section one thousand eighty-eight of this chapter, no interest shall  be
    55  paid thereon.
        A. 7368--A                          3
     1    §  4. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
     2  of the tax law is amended by adding a  new  clause  (xliv)  to  read  as
     3  follows:
     4  (xliv) Certified transitional        Amount of credit under
     5  tax credit under section             subdivision fifty-three of
     6  forty-four of this chapter           section two hundred ten-B
     7    §  5.  This  act shall take effect January 1, 2019, and shall apply to
     8  taxable years beginning on or after such date, and shall expire  January
     9  1,  2025  when upon such date the provisions of this act shall be deemed
    10  repealed; provided, however, that effective  immediately  the  addition,
    11  amendment  and/or  repeal of any rule or regulation by the department of
    12  agriculture and markets, in conjunction with the department of  taxation
    13  and  finance that is necessary for the implementation of this act on its
    14  effective date are authorized to be made and completed on or before such
    15  effective date.