Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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Jun 01, 2012 |
referred to investigations and government operations |
Senate Bill S7551
2011-2012 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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
Actions
co-Sponsors
(R, C, IP) Senate District
(R, C, IP, RFM) Senate District
(R) Senate District
(R, IP) Senate District
2011-S7551 (ACTIVE) - Details
2011-S7551 (ACTIVE) - Sponsor Memo
BILL NUMBER:S7551 REVISED 06/04/12 TITLE OF BILL: An act to amend the tax law, in relation to establishing an agricultural crop loss personal income tax credit PURPOSE: The bill establishes a refundable personal income tax credit to farmers for the loss of certain crops as a result of frost for the 2012 taxable year. SUMMARY OF SPECIFIC PROVISIONS: Section 1. Amends Section 606 of the Tax Law by adding a new subsection (uu) which establishes an agricultural crop loss refundable personal income tax credit to farmers for the loss or damage of certain agricultural crops as a result of frost injury in 2012. To be eligible for the credit, a taxpayer must derive at least two-thirds of reported federal gross income from farming for the taxable year. The amount of the credit is equal to thirty-five percent of the average value of the unit of production for New York State as reported by the USDA National Agricultural Statistics Service for 2011, multiplied by a taxpayer's acreage in production, including newly planted acreage, for the 2012 growing season. Subsection (2) specifies that if the amount of the credit exceeds the
2011-S7551 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7551 I N S E N A T E June 1, 2012 ___________ Introduced by Sens. RITCHIE, FARLEY, SEWARD, MAZIARZ, GRISANTI, SALAND, GOLDEN, YOUNG, O'MARA, LITTLE, NOZZOLIO, GALLIVAN, RANZENHOFER -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations AN ACT to amend the tax law, in relation to establishing an agricultural crop loss personal income tax credit THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 606 of the tax law is amended by adding a new subsection (uu) to read as follows: (UU) AGRICULTURAL CROP LOSS TAX CREDIT. (1) ALLOWANCE OF CREDIT. A TAXPAYER WHOSE FEDERAL GROSS INCOME FROM FARMING FOR THE TAXABLE YEAR IS AT LEAST TWO-THIRDS OF EXCESS FEDERAL GROSS INCOME SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE FOR THE LOSS OR DAMAGE OF ELIGIBLE CROPS AS A RESULT OF FROST INJURY FOR THE TAXABLE YEAR BEGIN- NING ON OR AFTER JANUARY FIRST, TWO THOUSAND TWELVE AND ENDING ON DECEM- BER THIRTY-FIRST, TWO THOUSAND TWELVE. THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO THIRTY-FIVE PERCENT OF THE AVERAGE VALUE OF THE UNIT OF PRODUCTION FOR NEW YORK STATE AS REPORTED BY THE USDA NATIONAL AGRICUL- TURAL STATISTICS SERVICE FOR TWO THOUSAND ELEVEN, MULTIPLIED BY ACREAGE IN PRODUCTION, INCLUDING NEWLY PLANTED ACREAGE, FOR THE TWO THOUSAND TWELVE GROWING SEASON. (2) APPLICATION OF CREDIT. IF THE AMOUNT OF THE CREDIT ALLOWED UNDER THIS SUBSECTION FOR SUCH TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SECTION SIX HUNDRED EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST SHALL BE PAID THEREON. (3) FOR THE PURPOSES OF THIS SUBSECTION, THE TERM "ELIGIBLE CROP" SHALL MEAN: (A) FRUITS, INCLUDING APPLES, PEACHES, GRAPES, CHERRIES AND BERRIES, (B) VEGETABLES, INCLUDING TOMATOES, SNAP BEANS, CABBAGE, CARROTS, BEETS AND ONIONS, AND (C) POTATOES AND DRY BEANS. S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD16115-01-2
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