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