Senate Bill S667

2009-2010 Legislative Session

Provides a tax incentive to domestic life insurance companies to invest in the purchase of agricultural land to be kept in agricultural production

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Archive: Last Bill Status - In Senate Committee Agriculture Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2009-S667 (ACTIVE) - Details

See Assembly Version of this Bill:
A3648
Current Committee:
Senate Agriculture
Law Section:
Agriculture and Markets Law
Laws Affected:
Amd §16, Ag & Mkts L; add §220-b, County L; amd §1405, Ins L; amd §1503, Tax L
Versions Introduced in 2011-2012 Legislative Session:
S4296, A7970

2009-S667 (ACTIVE) - Summary

Provides a tax incentive to domestic life insurance companies to invest up to 1% of admitted assets in the purchase of agricultural land to be kept in agricultural production for the cultivation of fruit or the processing of fruit products, which land is subject to a conservation easement and receives or is eligible to receive an agricultural assessment; enacts related provision relating to conservation easements.

2009-S667 (ACTIVE) - Sponsor Memo

2009-S667 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                   667

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                            January 12, 2009
                               ___________

Introduced  by  Sens.  LARKIN,  BONACIC,  MORAHAN, WINNER, YOUNG -- read
  twice and ordered printed, and when printed to  be  committed  to  the
  Committee on Agriculture

AN  ACT  to  amend  the agriculture and markets law, the county law, the
  insurance law and the tax law, in relation to providing  an  incentive
  to  domestic  life  insurance  companies  to invest in the purchase of
  agricultural land to be kept in agricultural production

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 16 of the agriculture and markets law is amended by
adding a new subdivision 44 to read as follows:
  44. IN CONSULTATION WITH THE COMMISSIONER OF TAXATION AND FINANCE, FOR
THE PURPOSES OF THE ADMINISTRATION OF PARAGRAPH SEVENTEEN OF SUBDIVISION
(B)  OF  SECTION  FIFTEEN HUNDRED THREE OF THE TAX LAW, THE COMMISSIONER
SHALL PROMULGATE REGULATIONS DEFINING "FRUIT" AND "FRUIT PRODUCTS".
  S 2. The county law is amended by adding a new section 220-b  to  read
as follows:
  S  220-B.  CONSERVATION EASEMENTS IN CONNECTION WITH CERTAIN LAND USED
IN THE AGRICULTURAL PRODUCTION OF FRUIT AND FRUIT PRODUCTS. 1.  NOTWITH-
STANDING THE PROVISIONS OF SUBDIVISION (B) OF SECTION TWO OF THIS  CHAP-
TER,  THE  BOARD  OF  SUPERVISORS  OR COUNTY LEGISLATURE OF EVERY COUNTY
SHALL, UPON APPLICATION FOR A  CONSERVATION  EASEMENT  FILED  WITH  SUCH
COUNTY,  FOR PROPERTY WITHIN SUCH COUNTY, NOT MORE THAN SIX MONTHS PRIOR
TO THE CLOSE OF THE TAXABLE YEAR OR THE YEAR NEXT SUCCEEDING SUCH  YEAR,
FOR  WHICH  A DEDUCTION IS OR WILL BE SOUGHT TO BE CLAIMED BY A TAXPAYER
PURSUANT TO PARAGRAPH SEVENTEEN OF SUBDIVISION (B)  OF  SECTION  FIFTEEN
HUNDRED  THREE  OF  THE  TAX  LAW,  ACCEPT SUCH APPLICATION AND OFFER TO
PERMIT A NOT-FOR-PROFIT CONSERVATION ORGANIZATION OR PUBLIC BODY  WITHIN
SUCH  COUNTY,  WITHIN  WHOSE  TERRITORY THE SUBJECT PROPERTY IS LOCATED,
OTHER THAN THE STATE, TO ACCEPT OR UNDERTAKE TO  ACCEPT  A  CONSERVATION
EASEMENT IN CONNECTION WITH THE ADMINISTRATION OF PARAGRAPH SEVENTEEN OF

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05417-01-9
              

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