S T A T E   O F   N E W   Y O R K
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                                 1088--A

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 7, 2009
                               ___________

Introduced  by  M.  of  A.  GUNTHER, MAGEE, DelMONTE, FIELDS, ESPAILLAT,
  SCHROEDER, CARROZZA,  LUPARDO  --  Multi-Sponsored  by  --  M.  of  A.
  BACALLES,  BARCLAY,  BOYLAND,  CALHOUN,  COOK,  CROUCH, ERRIGO, FINCH,
  GIGLIO, HAWLEY, KOON, LAVINE,  LENTOL,  LIFTON,  J. MILLER,  MOLINARO,
  O'MARA,  PHEFFER,  QUINN, RABBITT, REILLY, SCOZZAFAVA -- read once and
  referred to the Committee on Ways and  Means  --  recommitted  to  the
  Committee on Ways and Means in accordance with Assembly Rule 3, sec. 2
  --  committee  discharged,  bill amended, ordered reprinted as amended
  and recommitted to said committee

AN ACT to amend the tax  law,  in  relation  to  providing  that  excess
  investment tax credit amounts may be refundable to operators of a farm
  operation

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

  Section 1. Subdivision 12 of section 210 of the tax law is amended  by
adding a new paragraph (e-1) to read as follows:
  (E-1)  NOTWITHSTANDING  ANY  OTHER  PROVISION OF THIS SUBDIVISION, FOR
TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND TEN,  IF
THE CREDIT ALLOWED UNDER THIS SUBDIVISION IS GREATER THAN THE TAX DUE IN
ANY  TAXABLE  YEAR  FOR  A  TAXPAYER  WHOSE  PRIMARY SOURCE OF INCOME IS
DERIVED FROM OPERATING A FARM OPERATION,  SUCH  TAXPAYER  MAY  ELECT  TO
TREAT  THE  AMOUNT BY WHICH SUCH CREDIT EXCEEDS SUCH TAX DUE AS AN OVER-
PAYMENT OF TAX TO BE REFUNDED  IN  ACCORDANCE  WITH  THE  PROVISIONS  OF
SECTION  TEN  HUNDRED  EIGHTY-SIX  OF THIS CHAPTER. FOR PURPOSES OF THIS
PARAGRAPH, THE TERM "FARM OPERATION" SHALL HAVE THE SAME MEANING AS SUCH
TERM IS DEFINED IN SUBDIVISION ELEVEN OF SECTION THREE  HUNDRED  ONE  OF
THE AGRICULTURE AND MARKETS LAW.
  S 2. Subsection (a) of section 606 of the tax law is amended by adding
a new paragraph 5-a to read as follows:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02307-03-0
              

A. 1088--A                          2

  (5-A)  NOTWITHSTANDING  ANY  OTHER  PROVISION  OF THIS SUBSECTION, FOR
TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND TEN,  IF
THE  CREDIT ALLOWED UNDER THIS SUBSECTION IS GREATER THAN THE TAX DUE IN
ANY TAXABLE YEAR FOR A  TAXPAYER  WHOSE  PRIMARY  SOURCE  OF  INCOME  IS
DERIVED  FROM  OPERATING  A  FARM  OPERATION, SUCH TAXPAYER MAY ELECT TO
TREAT THE AMOUNT BY WHICH SUCH CREDIT EXCEEDS SUCH TAX DUE AS  AN  OVER-
PAYMENT  OF  TAX  TO  BE  REFUNDED  IN ACCORDANCE WITH THE PROVISIONS OF
SECTION SIX HUNDRED EIGHTY-SIX OF THIS ARTICLE.  FOR  PURPOSES  OF  THIS
PARAGRAPH, THE TERM "FARM OPERATION" SHALL HAVE THE SAME MEANING AS SUCH
TERM  IS  DEFINED  IN SUBDIVISION ELEVEN OF SECTION THREE HUNDRED ONE OF
THE AGRICULTURE AND MARKETS LAW.
  S 3. This act shall take effect immediately, and shall  be  deemed  to
have been in full force and effect on and after January 1, 2010.