senate Bill S7551

2011-2012 Legislative Session

Creates an agricultural crop loss personal income tax credit

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Sponsored By

Archive: Last Bill Status - In Senate Committee


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 01, 2012 referred to investigations and government operations

Co-Sponsors

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S7551 - Details

See Assembly Version of this Bill:
A10811
Law Section:
Tax Law
Laws Affected:
Amd ยง606, Tax L

S7551 - Summary

Creates an agricultural crop loss personal income tax credit.

S7551 - Sponsor Memo

S7551 - Bill Text download pdf

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

                                  7551

                            I N  S E N A T E

                              June 1, 2012
                               ___________

Introduced  by Sens. RITCHIE, FARLEY, SEWARD, MAZIARZ, GRISANTI, SALAND,
  GOLDEN, YOUNG, O'MARA, LITTLE, NOZZOLIO, GALLIVAN, RANZENHOFER -- read
  twice and ordered printed, and when printed to  be  committed  to  the
  Committee on Investigations and Government Operations

AN ACT to amend the tax law, in relation to establishing an agricultural
  crop loss 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 (uu) to read as follows:
  (UU)  AGRICULTURAL  CROP  LOSS  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 LOSS OR DAMAGE OF
ELIGIBLE  CROPS  AS A RESULT OF FROST INJURY FOR THE TAXABLE YEAR BEGIN-
NING ON OR AFTER JANUARY FIRST, TWO THOUSAND TWELVE AND ENDING ON DECEM-
BER THIRTY-FIRST, TWO THOUSAND TWELVE. THE AMOUNT OF THE CREDIT SHALL BE
EQUAL TO THIRTY-FIVE PERCENT  OF  THE  AVERAGE  VALUE  OF  THE  UNIT  OF
PRODUCTION  FOR NEW YORK STATE AS REPORTED BY THE USDA NATIONAL AGRICUL-
TURAL STATISTICS SERVICE FOR TWO THOUSAND ELEVEN, MULTIPLIED BY  ACREAGE
IN  PRODUCTION,  INCLUDING  NEWLY  PLANTED ACREAGE, FOR THE TWO THOUSAND
TWELVE GROWING SEASON.
  (2) APPLICATION OF CREDIT. IF THE AMOUNT OF THE CREDIT  ALLOWED  UNDER
THIS  SUBSECTION  FOR  SUCH TAXABLE YEAR 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.
  (3) FOR THE PURPOSES OF THIS  SUBSECTION,  THE  TERM  "ELIGIBLE  CROP"
SHALL  MEAN: (A) FRUITS, INCLUDING APPLES, PEACHES, GRAPES, CHERRIES AND
BERRIES,  (B)  VEGETABLES,  INCLUDING  TOMATOES,  SNAP  BEANS,  CABBAGE,
CARROTS, BEETS AND ONIONS, AND (C) POTATOES AND DRY BEANS.
  S 2. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD16115-01-2

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