senate Bill S4296

2011-2012 Legislative Session

Provides a tax incentive to domestic life insurance companies to invest in the purchase of agricultural land to be kept in agricultural production

download bill text pdf

Sponsored By

Archive: Last Bill Status -


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

do you support this legislation?

You must fill out the form below in order to support or oppose this bill. X

You must login or fill out the fields below for the senator to have an accurate account of the support or opposition to this bill.

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.
Use this box to enter a message to your senator.

Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 04, 2012 referred to agriculture
Mar 28, 2011 referred to agriculture

Co-Sponsors

S4296 - Details

See Assembly Version of this Bill:
A7970
Law Section:
Agriculture and Markets Law
Laws Affected:
Amd §16, Ag & Mkts L; add §220-b, County L; amd §1405, Ins L; amd §1503, Tax L
Versions Introduced in 2009-2010 Legislative Session:
S667, A3648

S4296 - Summary

Provides a tax incentive to domestic life insurance companies to invest up to 1% of admitted assets in the purchase of agricultural land to be kept in agricultural production for the cultivation of fruit or vegetables, or the processing of fruit products or vegetable products, which land is subject to a conservation easement and receives or is eligible to receive an agricultural assessment; enacts related provision relating to conservation easements.

S4296 - Sponsor Memo

S4296 - Bill Text download pdf

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

                                  4296

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                             March 28, 2011
                               ___________

Introduced  by Sen. CARLUCCI -- read twice and ordered printed, and when
  printed to be committed to the Committee on Agriculture

AN ACT to amend the agriculture and markets law,  the  county  law,  the
  insurance  law  and the tax law, in relation to providing an incentive
  to domestic life insurance companies to  invest  in  the  purchase  of
  agricultural land to be kept in agricultural production

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

  Section 1. Section 16 of the agriculture and markets law is amended by
adding a new subdivision 45 to read as follows:
  45. IN CONSULTATION WITH THE COMMISSIONER OF TAXATION AND FINANCE, FOR
THE PURPOSES OF THE ADMINISTRATION OF PARAGRAPH SEVENTEEN OF SUBDIVISION
(B) OF SECTION FIFTEEN HUNDRED THREE OF THE TAX  LAW,  THE  COMMISSIONER
SHALL  PROMULGATE REGULATIONS DEFINING "FRUIT", "FRUIT PRODUCTS", "VEGE-
TABLES" AND "VEGETABLE PRODUCTS".
  S 2. The county law is amended by adding a new section 220-b  to  read
as follows:
  S  220-B.  CONSERVATION EASEMENTS IN CONNECTION WITH CERTAIN LAND USED
IN THE AGRICULTURAL PRODUCTION OF FRUIT, FRUIT PRODUCTS, VEGETABLES  AND
VEGETABLE  PRODUCTS.   1.  NOTWITHSTANDING THE PROVISIONS OF SUBDIVISION
(B) OF SECTION TWO OF THIS CHAPTER, THE BOARD OF SUPERVISORS  OR  COUNTY
LEGISLATURE  OF  EVERY COUNTY SHALL, UPON APPLICATION FOR A CONSERVATION
EASEMENT FILED WITH SUCH COUNTY, FOR PROPERTY WITHIN  SUCH  COUNTY,  NOT
MORE  THAN SIX MONTHS PRIOR TO THE CLOSE OF THE TAXABLE YEAR OR THE YEAR
NEXT SUCCEEDING SUCH YEAR, FOR WHICH A DEDUCTION IS OR WILL BE SOUGHT TO
BE CLAIMED BY A TAXPAYER PURSUANT TO PARAGRAPH SEVENTEEN OF  SUBDIVISION
(B)  OF SECTION FIFTEEN HUNDRED THREE OF THE TAX LAW, ACCEPT SUCH APPLI-
CATION AND OFFER TO PERMIT A NOT-FOR-PROFIT CONSERVATION ORGANIZATION OR
PUBLIC BODY WITHIN SUCH COUNTY, WITHIN WHOSE TERRITORY THE SUBJECT PROP-
ERTY IS LOCATED, OTHER THAN THE STATE, TO ACCEPT OR UNDERTAKE TO  ACCEPT
A  CONSERVATION  EASEMENT IN CONNECTION WITH THE ADMINISTRATION OF PARA-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10266-01-1

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.