Bill Text: NY S01738 | 2017-2018 | General Assembly | Amended

New York Senate Bill 1738 (Prior Session Legislation)

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

Spectrum: Partisan Bill (Republican 4-0)

Status: (Introduced - Dead) 2018-01-26 - PRINT NUMBER 1738A [S01738 Detail]

Download: New_York-2017-S01738-Amended.html

                STATE OF NEW YORK
        ________________________________________________________________________
                                         1738--A
                               2017-2018 Regular Sessions
                    IN SENATE
                                    January 10, 2017
                                       ___________
        Introduced  by  Sens.  YOUNG,  BONACIC,  CROCI, O'MARA -- read twice and
          ordered printed, and when printed to be committed to the Committee  on
          Investigations and Government Operations -- recommitted to the Commit-
          tee  on  Investigations  and  Government Operations in accordance with
          Senate Rule 6, sec. 8 -- committee discharged, bill  amended,  ordered
          reprinted as amended and recommitted to said committee
        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 (d-1) to read as follows:
     3    (d-1)  Notwithstanding  any  other  provision of this subdivision, for
     4  taxable years beginning on or after January first,  two  thousand  eigh-
     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 one thousand 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  eigh-
    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.
                                                                   LBD03653-03-8

        S. 1738--A                          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, 2018.