Bill Text: NY S02469 | 2015-2016 | General Assembly | Amended

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Bill Title: Establishes a farm savings account program.

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2016-02-22 - PRINT NUMBER 2469A [S02469 Detail]

Download: New_York-2015-S02469-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         2469--A
                               2015-2016 Regular Sessions
                    IN SENATE
                                    January 23, 2015
                                       ___________
        Introduced  by  Sens.  RITCHIE, CARLUCCI, FUNKE, PANEPINTO -- read twice
          and ordered printed, and when printed to be committed to the Committee
          on Investigations 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 farm savings accounts
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. The tax law is amended by adding a new section 42  to  read
     2  as follows:
     3    § 42. Farm savings accounts. 1. Definitions. (a) Qualified farmer. For
     4  purposes  of  this  section,  the  term  "qualified  farmer" means, with
     5  respect to any taxable year, any individual who, during such  year,  was
     6  engaged in the trade or business of farming.
     7    (b) Farm savings account. For purposes of this section, the term "farm
     8  savings account" means a trust created or organized in the United States
     9  as  a  farm savings account exclusively for the purpose of making quali-
    10  fied distributions for purposes of farm sustainability, but only if  the
    11  written  governing  instrument  creating  the  trust meets the following
    12  requirements:
    13    (i) No contribution will be accepted unless it is in cash.
    14    (ii) The trustee is a bank, credit union or other appropriate institu-
    15  tion that demonstrates administration of the trust in a manner  that  is
    16  consistent with the requirements of this section.
    17    (iii)  The assets of the trust will not be commingled with other prop-
    18  erty except in a common trust fund or common investment fund.
    19    (iv) The interest of an individual  in  the  balance  in  his  or  her
    20  account is nonforfeitable.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07647-02-6