NY State Senate Bill 2011-S849

Senate Bill S849

2011-2012 Legislative Session

Establishes a credit against the franchise tax on business corporations for the cost of replacing concord grapevines by a farm

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Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 04, 2012	referred to investigations and government operations
Jan 05, 2011	referred to investigations and government operations

co-Sponsors

2011-S849 (ACTIVE) - Details

Current Committee:: Senate Investigations And Government Operations
Law Section:: Tax Law
Laws Affected:: Amd §210, Tax L
Versions Introduced in Other Legislative Sessions:: 2009-2010: S2439
2013-2014: S2683
2015-2016: S3073
2017-2018: S454
2019-2020: S928

2011-S849 (ACTIVE) - Summary

Establishes a credit against the franchise tax on business corporations for the cost of replacing concord grapevines by a farm.

2011-S849 (ACTIVE) - Sponsor Memo

                                BILL NUMBER:S849

TITLE OF BILL:

An act
to amend the tax law, in relation to establishing a grapevine
replacement franchise tax on business corporations credit

PURPOSE:

This bill creates a refundable credit against the franchise tax on
farm business corporations for the cost of replacing Concord
grapevines with a new grape variety.

SUMMARY OF PROVISIONS:

Section 210 of the Tax Law is amended to allow for a refundable
franchise tax credit to farm business corporations 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.
Many New York grape producers have built their businesses on the

native Concord grape which is used in juices, jellies and other food
products.
Concord grape growers are currently experiencing a severe glut in
national grape juice concentrate markets, due to overproduction in
California, and are seeking innovative ways to continue farming. with
a growing interest and national demand for New York wines, grape
growers are turning to vinifera grapes and other high-quality hybrid
varieties which offer consistent fruit quality and production. This
legislation provides an incentive for farms to pursue this costly but
worthwhile investment to help diversify grape acreage and remain
competitive in the global marketplace.

LEGISLATIVE HISTORY:

2009-2010: S.2439 Referred to Investigations & Government Operations
2007-2008: S.4512 Referred to Investigations & Government Operations
2006: S.7236/A.11540 Referred to Investigations & Government Operations

FISCAL IMPLICATIONS:

Undetermined at this time.

EFFECTIVE DATE:

Effective immediately.

2011-S849 (ACTIVE) - Bill Text download pdf

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

                                   849

                       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 franchise tax on business corporations credit

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

  Section  1.  Section  210  of  the  tax law is amended by adding a new
subdivision 43 to read as follows:
  43. GRAPEVINE REPLACEMENT TAX  CREDIT.  (A)  ALLOWANCE  OF  CREDIT.  A
TAXPAYER THAT IS A BUSINESS PRINCIPALLY ENGAGED IN FARMING, AS SUCH TERM
IS DEFINED IN PARAGRAPH NINETEEN OF SUBDIVISION (B) OF SECTION ONE THOU-
SAND  ONE HUNDRED ONE OF THIS CHAPTER, 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 VARIETY. THIS CREDIT SHALL NOT
APPLY TO GRAPEVINES OF ANY CONCORD VARIETY.
  (B) APPLICATION OF CREDIT. IF THE AMOUNT OF THE CREDIT  ALLOWED  UNDER
THIS  SUBDIVISION  FOR  ANY 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 ONE
THOUSAND EIGHTY-SIX OF THIS CHAPTER. PROVIDED, HOWEVER, THAT NO INTEREST
SHOULD  BE  PAID  ON  SUCH  REFUND,  NOTWITHSTANDING  THE  PROVISIONS OF
SUBSECTION (C) OF SECTION ONE THOUSAND EIGHTY-EIGHT OF THIS CHAPTER.
  S 2. This act shall take effect immediately.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03442-01-1

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Senate Bill S849

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Sponsored By

Catharine Young