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Senate Bill S1601

2009-2010 Legislative Session

Allows modifications reducing federal adjusted gross income for income tax purposes for the purchase and installation of farm waste electric generating equipment

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

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2009-S1601 (ACTIVE) - Details

See Assembly Version of this Bill:
A7519
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd ยง612, Tax L

2009-S1601 (ACTIVE) - Summary

Allows modifications reducing federal adjusted gross income for purposes of tax on personal income for the purchase and installation of farm waste electric generating equipment on land used in agricultural production.

2009-S1601 (ACTIVE) - Sponsor Memo

2009-S1601 (ACTIVE) - Bill Text download pdf 

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

                                  1601

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                            February 3, 2009
                               ___________

Introduced  by  Sen. VALESKY -- 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  allowing  modifications
  reducing federal adjusted gross income for purposes of tax on personal
  income for the purchase and installation of farm waste electric gener-
  ating equipment

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

  Section 1. Subsection (c) of section 612 of the tax law is amended  by
adding a new paragraph 39 to read as follows:
  (39)  AN  AMOUNT OF UP TO FIVE THOUSAND DOLLARS PAID BY A TAXPAYER FOR
THE PURCHASE AND INSTALLATION OF FARM WASTE ELECTRIC  GENERATING  EQUIP-
MENT  FOR  USE  ON LAND USED IN AGRICULTURAL PRODUCTION. FOR PURPOSES OF
THIS PARAGRAPH, THE TERM  "FARM  WASTE  ELECTRIC  GENERATING  EQUIPMENT"
SHALL  HAVE THE SAME MEANING AS THAT TERM IS DEFINED IN PARAGRAPH (E) OF
SUBDIVISION ONE OF SECTION FOUR HUNDRED EIGHTY-SEVEN OF THE REAL PROPER-
TY TAX LAW AND THE TERM "LAND USED  IN  AGRICULTURAL  PRODUCTION"  SHALL
HAVE  THE  SAME  MEANING  AS THAT TERM IS DEFINED IN SUBDIVISION FOUR OF
SECTION THREE HUNDRED ONE OF THE AGRICULTURE AND MARKETS LAW.
  S 2. This act shall take effect immediately and shall apply to taxable
years beginning on or after the first of  January  next  succeeding  the
date on which it shall have become a law.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05236-01-9

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