Bill Text: NY S04721 | 2017-2018 | General Assembly | Amended
Bill Title: Relates to the creation of a certified transitional tax credit for taxpayers that demonstrate their agricultural products were sold during a period of transition into USDA organic certification, under the Whole Foods Market IP. L.P. "responsibly grown" labelling program, or under the QAI and Hesco, Inc. "certified transitional" label.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Engrossed - Dead) 2018-02-23 - PRINT NUMBER 4721A [S04721 Detail]
Download: New_York-2017-S04721-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 4721--A 2017-2018 Regular Sessions IN SENATE February 24, 2017 ___________ Introduced by Sens. RITCHIE, MARCHIONE -- 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 creating a certified transi- tional tax credit; and providing for the repeal of such provisions upon expiration thereof 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 44 to read 2 as follows: 3 § 44. Certified transitional tax credit. (a) Allowance of credit. A 4 taxpayer, who is subject to tax under article nine, nine-A, or twenty- 5 two of this chapter shall be allowed a refundable credit against such 6 tax to be computed as provided in this section, for the tax imposed by 7 this article for taxable years after January first, two thousand nine- 8 teen. 9 (b) Value of credit. The amount of such credit shall be equal to twen- 10 ty-five percent of the total pounds of goods sold under an eligible 11 program under subdivision (c) of this section, multiplied by one-half. 12 (c) Eligible programs. Taxpayers that wish to claim this credit must 13 demonstrate their agricultural products were sold during a period of 14 transition in to USDA organic certification, under the Whole Foods 15 Market IP. L.P. "responsibly grown" labelling program, or under the QAI 16 and Hesco, Inc. "certified transitional" label. 17 (d) Application of credit. The credit allowed under this section for 18 any taxable year shall not reduce the tax due for such year to less than 19 the minimum tax fixed by this article. However, if the amount of credit 20 allowed under this section for any taxable year reduces the tax to such EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD10248-02-8S. 4721--A 2 1 amount, any amount of credit thus not deductible in such taxable year 2 shall be treated as an overpayment of tax to be credited or refunded in 3 accordance with the provisions of section one thousand eighty-six of 4 this chapter. Except as provided in subsection (c) of section one thou- 5 sand eighty-eight of this chapter, no interest shall be paid thereon. 6 § 2. The tax law is amended by adding a new section 187-q to read as 7 follows: 8 § 187-q. Certified transitional tax credit. (a) Allowance of credit. A 9 taxpayer, who is subject to tax under article nine, nine-A, or twenty- 10 two of this chapter shall be allowed a refundable credit against such 11 tax to be computed as provided in this section, for the tax imposed by 12 this article for taxable years after January first, two thousand nine- 13 teen. 14 (b) Value of credit. The amount of such credit shall be equal to twen- 15 ty-five percent of the total pounds of goods sold under an eligible 16 program under subdivision (c) of this section, multiplied by one-half. 17 (c) Eligible programs. Taxpayers that wish to claim this credit must 18 demonstrate their agricultural products were sold during a period of 19 transition in to USDA organic certification, under the Whole Foods 20 Market IP. L.P. "responsibly grown" labelling program, or under the QAI 21 and Hesco, Inc. "certified transitional" label. 22 (d) Application of credit. The credit allowed under this section for 23 any taxable year shall not reduce the tax due for such year to less than 24 the minimum tax fixed by this article. However, if the amount of credit 25 allowed under this section for any taxable year reduces the tax to such 26 amount, any amount of credit thus not deductible in such taxable year 27 shall be treated as an overpayment of tax to be credited or refunded in 28 accordance with the provisions of section one thousand eighty-six of 29 this chapter. Except as provided in subsection (c) of section one thou- 30 sand eighty-eight of this chapter, no interest shall be paid thereon. 31 § 3. Section 210-B of the tax law is amended by adding a new subdivi- 32 sion 53 to read as follows: 33 53. Certified transitional tax credit. (a) Allowance of credit. A 34 taxpayer, who is subject to tax under article nine, nine-A, or twenty- 35 two of this chapter shall be allowed a refundable credit against such 36 tax to be computed as provided in this subdivision, for the tax imposed 37 by this article for taxable years after January first, two thousand 38 nineteen. 39 (b) Value of credit. The amount of such credit shall be equal to twen- 40 ty-five percent of the total pounds of goods sold under an eligible 41 program under subdivision (c) of this section, multiplied by one-half. 42 (c) Eligible programs. Taxpayers that wish to claim this credit must 43 demonstrate their agricultural products were sold during a period of 44 transition in to USDA organic certification, under the Whole Foods 45 Market IP. L.P. "responsibly grown" labelling program, or under the QAI 46 and Hesco, Inc. "certified transitional" label. 47 (d) Application of credit. The credit allowed under this subdivision 48 for any taxable year shall not reduce the tax due for such year to less 49 than the minimum tax fixed by this article. However, if the amount of 50 credit allowed under this subdivision for any taxable year reduces the 51 tax to such amount, any amount of credit thus not deductible in such 52 taxable year shall be treated as an overpayment of tax to be credited or 53 refunded in accordance with the provisions of section one thousand 54 eighty-six of this chapter. Except as provided in subsection (c) of 55 section one thousand eighty-eight of this chapter, no interest shall be 56 paid thereon.S. 4721--A 3 1 § 4. Subparagraph (B) of paragraph 1 of subsection (i) of section 606 2 of the tax law is amended by adding a new clause (xliv) to read as 3 follows: 4 (xliv) Certified transitional Amount of credit under 5 tax credit under section subdivision fifty-three of 6 forty-four of this chapter section two hundred ten-B 7 § 5. This act shall take effect January 1, 2019, and shall apply to 8 taxable years beginning on or after such date, and shall expire January 9 1, 2025 when upon such date the provisions of this act shall be deemed 10 repealed; provided, however, that effective immediately the addition, 11 amendment and/or repeal of any rule or regulation by the department of 12 agriculture and markets, in conjunction with the department of taxation 13 and finance that is necessary for the implementation of this act on its 14 effective date are authorized to be made and completed on or before such 15 effective date.