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