Bill Text: NY A07388 | 2017-2018 | General Assembly | Amended
Bill Title: Relates to the creation of a meat processing facility development tax credit for taxpayers that demonstrate certain expenses were incurred as part of an effort to meet certain standards; such credit shall not exceed $250,000.
Spectrum: Slight Partisan Bill (Democrat 3-1)
Status: (Introduced - Dead) 2018-03-08 - print number 7388a [A07388 Detail]
Download: New_York-2017-A07388-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 7388--A 2017-2018 Regular Sessions IN ASSEMBLY April 25, 2017 ___________ Introduced by M. of A. MAGEE, BLANKENBUSH -- 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 committee AN ACT to amend the tax law, in relation to creating a meat processing facility development tax credit 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. Meat processing facility development tax credit. (a) Allowance 4 of credit. A taxpayer, who is subject to tax under article nine, nine-A, 5 or twenty-two of this chapter shall be allowed a refundable credit 6 against such tax to be computed as provided in this section, for the tax 7 imposed by this article for taxable years after January first, two thou- 8 sand nineteen. 9 (b) Value of credit. The amount of such credit shall be no more than 10 thirty percent of the funds expended as part of an eligible standard 11 established under subdivision (c) of this section, not to exceed two 12 hundred fifty thousand dollars per taxable year. 13 (c) Eligible standard. Taxpayers that wish to claim this credit shall 14 demonstrate that their expenses were incurred as part of an effort to 15 meet one of the following standards: adding smoked meat or sausage 16 production to their available protocols; implementing the "animal 17 welfare approved" production standard or standards relevant to their 18 facility; implementing the "certified humane" certification offered by 19 humane farm animal care; were expended to bring a facility in to compli- 20 ance with standards promulgated by the USDA food safety and inspection 21 service; or were expended while expanding a USDA inspected facility with EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD10258-04-8A. 7388--A 2 1 a throughput of no more than ten bovine, thirty non-bovine livestock, or 2 sixty poultry per day. 3 (d) Application of credit. The credit allowed under this section for 4 any taxable year shall not reduce the tax due for such year to less than 5 the minimum tax fixed by this article. However, if the amount of credit 6 allowed under this section for any taxable year reduces the tax to such 7 amount, any amount of credit thus not deductible in such taxable year 8 shall be treated as an overpayment of tax to be credited or refunded in 9 accordance with the provisions of section one thousand eighty-six of 10 this chapter. Except as provided in subsection (c) of section one thou- 11 sand eighty-eight of this chapter, no interest shall be paid thereon. 12 § 2. The tax law is amended by adding a new section 187-q to read as 13 follows: 14 § 187-q. Meat processing facility development tax credit. (a) Allow- 15 ance of credit. A taxpayer, who is subject to tax under article nine, 16 nine-A, or twenty-two of this chapter shall be allowed a refundable 17 credit against such tax to be computed as provided in this section, for 18 the tax imposed by this article for taxable years after January first, 19 two thousand nineteen. 20 (b) Value of credit. The amount of such credit shall be no more than 21 thirty percent of the funds expended as part of an eligible standard 22 established under subdivision (c) of this section, not to exceed two 23 hundred fifty thousand dollars per taxable year. 24 (c) Eligible standard. Taxpayers that wish to claim this credit shall 25 demonstrate that their expenses were incurred as part of an effort to 26 meet one of the following standards: adding smoked meat or sausage 27 production to their available protocols; implementing the "animal 28 welfare approved" production standard or standards relevant to their 29 facility; implementing the "certified humane" certification offered by 30 humane farm animal care; were expended to bring a facility in to compli- 31 ance with standards promulgated by the USDA food safety and inspection 32 service; or were expended while expanding a USDA inspected facility with 33 a throughput of no more than ten bovine, thirty non-bovine livestock, or 34 sixty poultry per day. 35 (d) Application of credit. The credit allowed under this section for 36 any taxable year shall not reduce the tax due for such year to less than 37 the minimum tax fixed by this article. However, if the amount of credit 38 allowed under this section for any taxable year reduces the tax to such 39 amount, any amount of credit thus not deductible in such taxable year 40 shall be treated as an overpayment of tax to be credited or refunded in 41 accordance with the provisions of section one thousand eighty-six of 42 this chapter. Except as provided in subsection (c) of section one thou- 43 sand eighty-eight of this chapter, no interest shall be paid thereon. 44 § 3. Section 210-B of the tax law is amended by adding a new subdivi- 45 sion 53 to read as follows: 46 53. Meat processing facility development tax credit. (a) Allowance of 47 credit. A taxpayer, who is subject to tax under article nine, nine-A, or 48 twenty-two of this chapter shall be allowed a refundable credit against 49 such tax to be computed as provided in this subdivision, for the tax 50 imposed by this article for taxable years after January first, two thou- 51 sand nineteen. 52 (b) Value of credit. The amount of such credit shall be no more than 53 thirty percent of the funds expended as part of an eligible standard 54 established under subdivision (c) of this section, not to exceed two 55 hundred fifty thousand dollars per taxable year.A. 7388--A 3 1 (c) Eligible standard. Taxpayers that wish to claim this credit shall 2 demonstrate that their expenses were incurred as part of an effort to 3 meet one of the following standards: adding smoked meat or sausage 4 production to their available protocols; implementing the "animal 5 welfare approved" production standard or standards relevant to their 6 facility; implementing the "certified humane" certification offered by 7 humane farm animal care; were expended to bring a facility in to compli- 8 ance with standards promulgated by the USDA food safety and inspection 9 service; or were expended while expanding a USDA inspected facility with 10 a throughput of no more than ten bovine, thirty non-bovine livestock, or 11 sixty poultry per day. 12 (d) Application of credit. The credit allowed under this subdivision 13 for any taxable year shall not reduce the tax due for such year to less 14 than the minimum tax fixed by this article. However, if the amount of 15 credit allowed under this subdivision for any taxable year reduces the 16 tax to such amount, any amount of credit thus not deductible in such 17 taxable year shall be treated as an overpayment of tax to be credited or 18 refunded in accordance with the provisions of section one thousand 19 eighty-six of this chapter. Except as provided in subsection (c) of 20 section one thousand eighty-eight of this chapter, no interest shall be 21 paid thereon. 22 § 4. Subparagraph (B) of paragraph 1 of subsection (i) of section 606 23 of the tax law is amended by adding a new clause (xliv) to read as 24 follows: 25 (xliv) Meat processing facility Amount of credit under 26 development tax credit under subdivision fifty-three of 27 section forty-four of this section two hundred ten-B 28 chapter 29 § 5. This act shall take effect January 1, 2019, and shall apply to 30 taxable years beginning on or after such date, and shall expire January 31 1, 2025 when upon such date the provisions of this act shall be deemed 32 repealed; provided, however, that effective immediately the addition, 33 amendment and/or repeal of any rule or regulation by the department of 34 agriculture and markets, in conjunction with the department of taxation 35 and finance that is necessary for the implementation of this act on its 36 effective date are authorized to be made and completed on or before such 37 effective date.
