Bill Text: NY S02682 | 2013-2014 | General Assembly | Amended

New York Senate Bill 2682 (Prior Session Legislation)

Bill Title: Establishes a personal income tax credit for taxpayers whose federal gross income from farming is at least two-thirds of excess federal gross income, for the cost of replacing concord grapevines by such farmers.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced - Dead) 2014-01-29 - PRINT NUMBER 2682A [S02682 Detail]

Download: New_York-2013-S02682-Amended.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        2682--A
                              2013-2014 Regular Sessions
                                   I N  S E N A T E
                                   January 23, 2013
                                      ___________
       Introduced  by Sens. YOUNG, RANZENHOFER -- read twice and ordered print-
         ed, 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  establishing  a  grapevine
         replacement 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 (u) to read as follows:
    3    (U)  GRAPEVINE  REPLACEMENT  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 REPLACEMENT OF
    7  GRAPEVINES OF ANY CONCORD VARIETY FOR  TAXABLE  YEARS  BEGINNING  ON  OR
    8  AFTER  JANUARY  FIRST,  TWO  THOUSAND FOURTEEN. THE AMOUNT OF THE CREDIT
    9  SHALL BE EQUAL TO THE SUM OF THE COST OF GRAPEVINES THAT  ARE  PURCHASED
   10  AND PLANTED FOR THE PURPOSE OF REPLACING GRAPEVINES OF ANY CONCORD VARI-
   11  ETY.  THIS CREDIT SHALL NOT APPLY TO GRAPEVINES OF ANY CONCORD VARIETY.
   12    (2)  APPLICATION  OF CREDIT. IF THE AMOUNT OF THE CREDIT ALLOWED UNDER
   13  THIS SUBSECTION FOR ANY TAXABLE YEARS SHALL EXCEED  THE  TAXPAYER'S  TAX
   14  FOR  SUCH  YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO
   15  BE CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SECTION SIX
   16  HUNDRED EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO  INTEREST
   17  SHALL BE PAID THEREON.
   18    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD06487-02-4