|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 04, 2012||referred to agriculture|
|Mar 28, 2011||referred to agriculture|
senate Bill S4296
Archive: Last Bill Status - In Senate Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S4296 - Details
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
BILL NUMBER:S4296 TITLE OF BILL: 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 PURPOSE: This bill grants to domestic life insurers that lend money to fruit and vegetable growers who plan to keep acreage in production a 30 % deduction from their income taxes that portion of the interest that is earned from the loan issued by such life insurer. SUMMARY OF PROVISIONS: Section 1: Amends Agriculture & Markets Law section 16 to authorize the Ag. & Markets Department to promulgate rules to define existing or abandoned fruit and vegetable farms that are eligible for the income tax deduction. Section 2: Adds a new County Law section 220-b to ensure that lands that receive an income tax deduction when sold to another farmer
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
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