Bill Text: NY A10811 | 2011-2012 | General Assembly | Introduced

New York Assembly Bill 10811 (Prior Session Legislation)

Introduced

Bill Title: Creates an agricultural crop loss personal income tax credit.

Spectrum: Partisan Bill (Republican 5-0)

Status: (Introduced - Dead) 2012-08-24 - referred to ways and means [A10811 Detail]

Download: New_York-2011-A10811-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         10811
                                 I N  A S S E M B L Y
                                    August 24, 2012
                                      ___________
       Introduced  by  COMMITTEE  ON  RULES -- (at request of M. of A. Tedisco,
         Amedore, P. Lopez) -- read once and referred to the Committee on  Ways
         and Means
       AN ACT to amend the tax law, in relation to establishing an agricultural
         crop loss personal income tax credit
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Section 606 of the tax law  is  amended  by  adding  a  new
    2  subsection (uu) to read as follows:
    3    (UU)  AGRICULTURAL  CROP  LOSS  TAX CREDIT. (1) ALLOWANCE OF CREDIT. A
    4  TAXPAYER WHOSE FEDERAL GROSS INCOME FROM FARMING FOR THE TAXABLE YEAR IS
    5  AT LEAST TWO-THIRDS OF EXCESS FEDERAL GROSS INCOME SHALL  BE  ALLOWED  A
    6  CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE FOR THE LOSS OR DAMAGE OF
    7  ELIGIBLE  CROPS  AS A RESULT OF FROST INJURY FOR THE TAXABLE YEAR BEGIN-
    8  NING ON OR AFTER JANUARY FIRST, TWO THOUSAND TWELVE AND ENDING ON DECEM-
    9  BER THIRTY-FIRST, TWO THOUSAND TWELVE. THE AMOUNT OF THE CREDIT SHALL BE
   10  EQUAL TO THIRTY-FIVE PERCENT  OF  THE  AVERAGE  VALUE  OF  THE  UNIT  OF
   11  PRODUCTION  FOR NEW YORK STATE AS REPORTED BY THE USDA NATIONAL AGRICUL-
   12  TURAL STATISTICS SERVICE FOR TWO THOUSAND ELEVEN, MULTIPLIED BY  ACREAGE
   13  IN  PRODUCTION,  INCLUDING  NEWLY  PLANTED ACREAGE, FOR THE TWO THOUSAND
   14  TWELVE GROWING SEASON.
   15    (2) APPLICATION OF CREDIT. IF THE AMOUNT OF THE CREDIT  ALLOWED  UNDER
   16  THIS  SUBSECTION  FOR  SUCH TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX
   17  FOR SUCH YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF  TAX  TO
   18  BE CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SECTION SIX
   19  HUNDRED  EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST
   20  SHALL BE PAID THEREON.
   21    (3) FOR THE PURPOSES OF THIS  SUBSECTION,  THE  TERM  "ELIGIBLE  CROP"
   22  SHALL  MEAN: (A) FRUITS, INCLUDING APPLES, PEACHES, GRAPES, CHERRIES AND
   23  BERRIES,  (B)  VEGETABLES,  INCLUDING  TOMATOES,  SNAP  BEANS,  CABBAGE,
   24  CARROTS, BEETS AND ONIONS, AND (C) POTATOES AND DRY BEANS.
   25    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD16115-01-2