|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 04, 2012||referred to investigations and government operations|
|Jan 05, 2011||referred to investigations and government operations|
senate Bill S776
Archive: Last Bill Status - In Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S776 - Details
- Current Committee:
- Law Section:
- Tax Law
- Laws Affected:
- Amd §606, Tax L
- Versions Introduced in 2009-2010 Legislative Session:
S776 - Summary
Establishes a personal income tax credit for taxpayers whose federal gross income from farming is at least two-thirds of excess federal gross income, for the cost of replacing concord grapevines by such farmers.
S776 - Sponsor Memo
BILL NUMBER:S776 TITLE OF BILL: An act to amend the tax law, in relation to establishing a grapevine replacement personal income tax credit PURPOSE: This bill establishes a refundable personal income tax credit to farmers for the cost of replacing Concord grapevines with a new grape variety. SUMMARY OF PROVISIONS: Section 606 of the Tax Law is amended to allow for a refundable personal income tax credit to farmers for the cost of grapevines that are replacing existing Concord grapevines, provided that the new grapevines are not of any Concord variety. JUSTIFICATION: This legislation was created to encourage the planting of new grape varieties in response to New York's evolving grape and wine market.
S776 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 776 2011-2012 Regular Sessions I N S E N A T E (PREFILED) January 5, 2011 ___________ Introduced by Sens. YOUNG, RANZENHOFER -- read twice and ordered print- ed, and when printed to be committed to the Committee on Investi- gations and Government Operations AN ACT to amend the tax law, in relation to establishing a grapevine replacement 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 (ss) to read as follows: (SS) GRAPEVINE REPLACEMENT 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 REPLACEMENT OF GRAPEVINES OF ANY CONCORD VARIETY FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND ELEVEN. THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO THE SUM OF THE COST OF GRAPEVINES THAT ARE PURCHASED AND PLANTED FOR THE PURPOSE OF REPLACING GRAPEVINES OF ANY CONCORD VARI- ETY. THIS CREDIT SHALL NOT APPLY TO GRAPEVINES OF ANY CONCORD VARIETY. (2) APPLICATION OF CREDIT. IF THE AMOUNT OF THE CREDIT ALLOWED UNDER THIS SUBSECTION FOR ANY TAXABLE YEARS 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. S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD03450-01-1
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