Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 08, 2014 |
referred to ways and means |
Mar 15, 2013 |
referred to ways and means |
Assembly Bill A6154
2013-2014 Legislative Session
Sponsored By
TEDISCO
Archive: Last Bill Status - In Assembly 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
Peter Lopez
multi-Sponsors
David McDonough
Philip Palmesano
2013-A6154 (ACTIVE) - Details
- Current Committee:
- Assembly Ways And Means
- Law Section:
- Tax Law
- Laws Affected:
- Amd §606, Tax L
- Versions Introduced in 2011-2012 Legislative Session:
-
A10811
2013-A6154 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6154 2013-2014 Regular Sessions I N A S S E M B L Y March 15, 2013 ___________ Introduced by M. of A. TEDISCO, P. LOPEZ -- Multi-Sponsored by -- M. of A. McDONOUGH, PALMESANO -- read once and referred to the Committee on Ways and Means 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 (vv) to read as follows: (VV) 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 FOURTEEN AND ENDING ON DECEMBER THIRTY-FIRST, TWO THOUSAND FOURTEEN. 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 AGRI- CULTURAL STATISTICS SERVICE FOR TWO THOUSAND THIRTEEN, MULTIPLIED BY ACREAGE IN PRODUCTION, INCLUDING NEWLY PLANTED ACREAGE, FOR THE TWO THOUSAND FOURTEEN 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.
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