Bill Text: NY S02439 | 2009-2010 | General Assembly | Introduced

New York Senate Bill 2439 (Prior Session Legislation)

Introduced

Bill Title: Establishes a credit against the franchise tax on business corporations for the cost of replacing concord grapevines by a farm.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2010-01-06 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S02439 Detail]

Download: New_York-2009-S02439-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         2439
                              2009-2010 Regular Sessions
                                   I N  S E N A T E
                                   February 20, 2009
                                      ___________
       Introduced  by  Sen.  YOUNG  -- read twice and ordered printed, and when
         printed to be committed to the Committee on Investigations and Govern-
         ment Operations
       AN ACT to amend the tax law, in relation  to  establishing  a  grapevine
         replacement franchise tax on business corporations credit
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Section 210 of the tax law  is  amended  by  adding  a  new
    2  subdivision 41 to read as follows:
    3    41.  GRAPEVINE  REPLACEMENT  TAX  CREDIT.  (A)  ALLOWANCE OF CREDIT. A
    4  TAXPAYER THAT IS A BUSINESS PRINCIPALLY ENGAGED IN FARMING, AS SUCH TERM
    5  IS DEFINED IN PARAGRAPH NINETEEN OF SUBDIVISION (B) OF SECTION ONE THOU-
    6  SAND ONE HUNDRED ONE OF THIS CHAPTER, SHALL BE ALLOWED A CREDIT  AGAINST
    7  THE TAX IMPOSED BY THIS ARTICLE FOR THE REPLACEMENT OF GRAPEVINES OF ANY
    8  CONCORD  VARIETY  FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST,
    9  TWO THOUSAND NINE.  THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO  THE  SUM
   10  OF THE COST OF GRAPEVINES THAT ARE PURCHASED AND PLANTED FOR THE PURPOSE
   11  OF  REPLACING  GRAPEVINES  OF ANY CONCORD VARIETY. THIS CREDIT SHALL NOT
   12  APPLY TO GRAPEVINES OF ANY CONCORD VARIETY.
   13    (B) APPLICATION OF CREDIT. IF THE AMOUNT OF THE CREDIT  ALLOWED  UNDER
   14  THIS  SUBDIVISION  FOR  ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX
   15  FOR SUCH YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF  TAX  TO
   16  BE CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SECTION ONE
   17  THOUSAND EIGHTY-SIX OF THIS CHAPTER. PROVIDED, HOWEVER, THAT NO INTEREST
   18  SHOULD  BE  PAID  ON  SUCH  REFUND,  NOTWITHSTANDING  THE  PROVISIONS OF
   19  SUBSECTION (C) OF SECTION ONE THOUSAND EIGHTY-EIGHT OF THIS CHAPTER.
   20    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD07656-01-9