Bill Text: NY S02083 | 2013-2014 | General Assembly | Amended

New York Senate Bill 2083 (Prior Session Legislation)

NY State Legislature page for S02083

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

Spectrum: Slight Partisan Bill (Republican 2-1)

Status: (Introduced - Dead) 2014-01-29 - PRINT NUMBER 2083A [S02083 Detail]

Download: New_York-2013-S02083-Amended.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        2083--A
                              2013-2014 Regular Sessions
                                   I N  S E N A T E
                                   January 10, 2013
                                      ___________
       Introduced  by  Sens.  YOUNG, BONACIC, TKACZYK -- read twice and ordered
         printed, and when printed to be committed to the Committee on Investi-
         gations and Government Operations -- recommitted to the  Committee  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 12 of section 210 of the tax law is amended by
    2  adding a new paragraph (e-1) to read as follows:
    3    (E-1) NOTWITHSTANDING ANY OTHER PROVISION  OF  THIS  SUBDIVISION,  FOR
    4  TAXABLE  YEARS  BEGINNING  ON OR AFTER JANUARY FIRST, TWO THOUSAND FOUR-
    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 TEN HUNDRED 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    S 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  FOUR-
   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.
                                                                  LBD02391-02-4
       S. 2083--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    S 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, 2014.