| Date of Action |
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 S849
2011-2012 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee
Actions
co-Sponsors
(R, C, IP) Senate District
2011-S849 (ACTIVE) - Details
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
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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