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Senate Bill S2487

2009-2010 Legislative Session

Establishes a personal income tax credit for the cost of replacing concord grapevines by farmers

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Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

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2009-S2487 (ACTIVE) - Details

Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd ยง606, Tax L
Versions Introduced in Other Legislative Sessions:
2011-2012: S776
2013-2014: S2682
2015-2016: S3074
2017-2018: S455
2019-2020: S927

2009-S2487 (ACTIVE) - Summary

Establishes a personal income tax credit for taxpayers whose federal gross income from farming is at least two-thirds of excess federal gross income, for the cost of replacing concord grapevines by such farmers.

2009-S2487 (ACTIVE) - Sponsor Memo

2009-S2487 (ACTIVE) - Bill Text download pdf 

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

                                  2487

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                            February 20, 2009
                               ___________

Introduced  by  Sen.  YOUNG  -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations

AN ACT to amend the tax law, in relation  to  establishing  a  grapevine
  replacement 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 (qq) to read as follows:
  (QQ)  GRAPEVINE  REPLACEMENT  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 REPLACEMENT OF
GRAPEVINES OF ANY CONCORD VARIETY FOR  TAXABLE  YEARS  BEGINNING  ON  OR
AFTER  JANUARY FIRST, TWO THOUSAND NINE.  THE AMOUNT OF THE CREDIT SHALL
BE EQUAL TO THE SUM OF THE COST OF GRAPEVINES  THAT  ARE  PURCHASED  AND
PLANTED  FOR THE PURPOSE OF REPLACING GRAPEVINES OF ANY CONCORD VARIETY.
THIS CREDIT SHALL NOT APPLY TO GRAPEVINES OF ANY CONCORD VARIETY.
  (2) APPLICATION OF CREDIT. IF THE AMOUNT OF THE CREDIT  ALLOWED  UNDER
THIS  SUBSECTION  FOR  ANY TAXABLE YEARS 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.
  S 2. This act shall take effect immediately.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07209-01-9

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