senate Bill S6598A

2011-2012 Legislative Session

Establishes business franchise and personal income tax credits for expenses of soil improvement projects on farmlands

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Archive: Last Bill Status -


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

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Actions

view actions (6)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 05, 2012 print number 6598b
amend and recommit to finance
May 31, 2012 reported and committed to finance
May 16, 2012 print number 6598a
amend and recommit to investigations and government operations
Mar 01, 2012 referred to investigations and government operations

Votes

view votes

May 31, 2012 - Investigations and Government Operations committee Vote

S6598A
5
0
committee
5
Aye
0
Nay
2
Aye with Reservations
0
Absent
1
Excused
0
Abstained
show Investigations and Government Operations committee vote details

Investigations and Government Operations Committee Vote: May 31, 2012

aye wr (2)
excused (1)

Co-Sponsors

S6598 - Details

See Assembly Version of this Bill:
A9425A
Law Section:
Tax Law
Laws Affected:
Amd §§208, 210, 606 & 615, Tax L

S6598 - Summary

Establishes business franchise and personal income tax credits for expenses of soil improvement projects on farmlands.

S6598 - Sponsor Memo

S6598 - Bill Text download pdf

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

    S. 6598                                                  A. 9425

                      S E N A T E - A S S E M B L Y

                              March 1, 2012
                               ___________

IN  SENATE -- Introduced by Sens. YOUNG, O'MARA, RITCHIE, VALESKY -- (at
  request of the Legislative Commission  on  Rural  Resources)  --  read
  twice  and  ordered  printed,  and when printed to be committed to the
  Committee on Investigations and Government Operations

IN ASSEMBLY -- Introduced by M. of A. GUNTHER -- Multi-Sponsored  by  --
  M.  of  A. BURLING, LIFTON, PALMESANO -- read once and referred to the
  Committee on Ways and Means

AN ACT to amend the tax law, in  relation  to  establishing  a  business
  franchise and personal income tax credit for soil improvement projects
  upon farmlands

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

  Section 1. Subparagraphs 3 and 4 of paragraph (a) of  subdivision  8-B
of  section 208 of the tax law, as amended by chapter 170 of the laws of
1994, are amended, and a new subparagraph 5 is added to read as follows:
  (3) increased by the net operating loss  deduction  otherwise  allowed
under paragraph (f) of subdivision nine of this section, [and]
  (4)  reduced, for taxable years beginning after nineteen hundred nine-
ty-three, by the alternative net operating loss deduction, as defined in
paragraph (d) of this subdivision[.], AND
  (5) IN THE EVENT THE TAXPAYER CLAIMS THE SOIL IMPROVEMENT  CREDIT  FOR
FARMLANDS  ESTABLISHED PURSUANT TO SUBDIVISION FORTY-FIVE OF SECTION TWO
HUNDRED TEN OF THIS ARTICLE, INCREASED BY THE AMOUNT OF ANY EXPENDITURES
SPECIFIED IN INTERNAL REVENUE CODE SECTION 175(1)(C) THAT  THE  TAXPAYER
DEDUCTED FROM ITS TOTAL NET INCOME ON ITS FEDERAL TAX RETURN FOR THE TAX
YEAR.
  S 2. Section 210 of the tax law is amended by adding a new subdivision
45 to read as follows:
  45.  SOIL  IMPROVEMENT  CREDIT FOR FARMLANDS. (A) ALLOWANCE OF CREDIT.
FOR TAXABLE YEARS BEGINNING ON OR  AFTER  JANUARY  FIRST,  TWO  THOUSAND
TWELVE,  A TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY
THIS ARTICLE IN AN AMOUNT EQUAL TO TWENTY-FIVE PERCENT OF THE TAXPAYER'S
ELIGIBLE EXPENDITURES  DURING  THE  TAX  YEAR  FOR  A  SOIL  IMPROVEMENT

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

Co-Sponsors

S6598A - Details

See Assembly Version of this Bill:
A9425A
Law Section:
Tax Law
Laws Affected:
Amd §§208, 210, 606 & 615, Tax L

S6598A - Summary

Establishes business franchise and personal income tax credits for expenses of soil improvement projects on farmlands.

S6598A - Sponsor Memo

S6598A - Bill Text download pdf

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

    S. 6598--A                                            A. 9425--A

                      S E N A T E - A S S E M B L Y

                              March 1, 2012
                               ___________

IN  SENATE -- Introduced by Sens. YOUNG, O'MARA, RITCHIE, VALESKY -- (at
  request of the Legislative Commission  on  Rural  Resources)  --  read
  twice  and  ordered  printed,  and when printed to be committed to the
  Committee on Investigations and  Government  Operations  --  committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to said committee

IN  ASSEMBLY  -- Introduced by M. of A. GUNTHER -- Multi-Sponsored by --
  M. of A. BURLING, LIFTON, PALMESANO -- read once and referred  to  the
  Committee  on  Ways  and  Means -- committee discharged, bill amended,
  ordered reprinted as amended and recommitted to said committee

AN ACT to amend the tax law, in  relation  to  establishing  a  business
  franchise and personal income tax credit for soil improvement projects
  upon farmlands

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

  Section 1. Subparagraphs 3 and 4 of paragraph (a) of  subdivision  8-B
of  section 208 of the tax law, as amended by chapter 170 of the laws of
1994, are amended, and a new subparagraph 5 is added to read as follows:
  (3) increased by the net operating loss  deduction  otherwise  allowed
under paragraph (f) of subdivision nine of this section, [and]
  (4)  reduced, for taxable years beginning after nineteen hundred nine-
ty-three, by the alternative net operating loss deduction, as defined in
paragraph (d) of this subdivision[.], AND
  (5) IN THE EVENT THE TAXPAYER CLAIMS THE SOIL IMPROVEMENT  CREDIT  FOR
FARMLANDS  ESTABLISHED PURSUANT TO SUBDIVISION FORTY-FIVE OF SECTION TWO
HUNDRED TEN OF THIS ARTICLE, INCREASED BY THE AMOUNT OF ANY EXPENDITURES
DEFINED IN INTERNAL REVENUE CODE SECTION  175(C)(1)  THAT  THE  TAXPAYER
DEDUCTED FROM ITS TOTAL NET INCOME ON ITS FEDERAL TAX RETURN FOR THE TAX
YEAR.
  S 2. Section 210 of the tax law is amended by adding a new subdivision
45 to read as follows:
  45.  SOIL  IMPROVEMENT  CREDIT FOR FARMLANDS. (A) ALLOWANCE OF CREDIT.
FOR TAXABLE YEARS BEGINNING ON OR  AFTER  JANUARY  FIRST,  TWO  THOUSAND

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

Co-Sponsors

S6598B (ACTIVE) - Details

See Assembly Version of this Bill:
A9425A
Law Section:
Tax Law
Laws Affected:
Amd §§208, 210, 606 & 615, Tax L

S6598B (ACTIVE) - Summary

Establishes business franchise and personal income tax credits for expenses of soil improvement projects on farmlands.

S6598B (ACTIVE) - Sponsor Memo

S6598B (ACTIVE) - Bill Text download pdf

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

    S. 6598--B                                            A. 9425--B

                      S E N A T E - A S S E M B L Y

                              March 1, 2012
                               ___________

IN  SENATE -- Introduced by Sens. YOUNG, O'MARA, RITCHIE, VALESKY -- (at
  request of the Legislative Commission  on  Rural  Resources)  --  read
  twice  and  ordered  printed,  and when printed to be committed to the
  Committee on Investigations and  Government  Operations  --  committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to  said  committee  --  reported  favorably  from  said committee and
  committed to the Committee on Finance --  committee  discharged,  bill
  amended,  ordered reprinted as amended and recommitted to said commit-
  tee

IN ASSEMBLY -- Introduced by M. of A. GUNTHER -- Multi-Sponsored  by  --
  M.  of  A. BURLING, LIFTON, PALMESANO -- read once and referred to the
  Committee on Ways and Means --  committee  discharged,  bill  amended,
  ordered  reprinted  as  amended  and  recommitted to said committee --
  again reported from said committee with amendments, ordered  reprinted
  as amended and recommitted to said committee

AN  ACT  to  amend  the  tax law, in relation to establishing a business
  franchise and personal income tax credit for soil improvement projects
  upon farmlands

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

  Section  1.  Subdivision 9 of section 208 of the tax law is amended by
adding a new paragraph (r) to read as follows:
  (R) IN THE EVENT THE TAXPAYER CLAIMS THE SOIL IMPROVEMENT  CREDIT  FOR
FARMLANDS  ESTABLISHED PURSUANT TO SUBDIVISION FORTY-FIVE OF SECTION TWO
HUNDRED TEN OF THIS ARTICLE, ENTIRE NET INCOME SHALL BE INCREASED BY THE
AMOUNT OF ANY EXPENDITURES DEFINED  IN  INTERNAL  REVENUE  CODE  SECTION
175(C)(1)  THAT  THE  TAXPAYER DEDUCTED FROM ITS TOTAL NET INCOME ON ITS
FEDERAL TAX RETURN FOR THE TAX YEAR.
  S 2. Section 210 of the tax law is amended by adding a new subdivision
45 to read as follows:
  45. SOIL IMPROVEMENT CREDIT FOR FARMLANDS. (A)  ALLOWANCE  OF  CREDIT.
FOR  TAXABLE  YEARS  BEGINNING  ON  OR AFTER JANUARY FIRST, TWO THOUSAND
TWELVE, A TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED  BY

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

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