Bill Text: NY S01921 | 2017-2018 | General Assembly | Amended

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Bill Title: Creates an agricultural crop loss personal income tax credit when such loss is due to frost injury.

Sponsorship: Partisan Bill (Republican 2)

Status: (Introduced - Dead) 2018-02-23 - PRINT NUMBER 1921A [S01921 Detail]

Download: New_York-2017-S01921-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         1921--A
                               2017-2018 Regular Sessions
                    IN SENATE
                                    January 11, 2017
                                       ___________
        Introduced  by  Sens.  RITCHIE, YOUNG -- read twice and ordered printed,
          and when printed to be committed to the  Committee  on  Investigations
          and  Government Operations -- recommitted to the Committee on Investi-
          gations 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 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 (ccc) to read as follows:
     3    (ccc) 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 taxable  years  beginning
     8  on  or  after  January  first, two thousand nineteen.  The amount of the
     9  credit shall be equal to thirty-five percent of the average value of the
    10  unit of production for New York state as reported by the  USDA  National
    11  Agricultural  Statistics  Service in a given year, multiplied by acreage
    12  in production, including newly planted acreage, for the  growing  season
    13  of such year.
    14    (2)  Application  of credit. If the amount of the credit allowed under
    15  this subsection for such taxable year shall exceed  the  taxpayer's  tax
    16  for  such  year, the excess shall be treated as an overpayment of tax to
    17  be credited or refunded in accordance with the provisions of section six
    18  hundred eighty-six of this article, provided, however, that no  interest
    19  shall be paid thereon.
    20    (3)  For  the  purposes  of  this subsection, the term "eligible crop"
    21  shall mean: (a) fruits, including apples, peaches, grapes, cherries  and
    22  berries,  (b)  vegetables,  including  tomatoes,  snap  beans,  cabbage,
    23  carrots, beets and onions, and (c) potatoes and dry beans.
    24    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07620-02-8