S T A T E O F N E W Y O R K
________________________________________________________________________
1620
2013-2014 Regular Sessions
I N A S S E M B L Y
(PREFILED)
January 9, 2013
___________
Introduced by M. of A. GUNTHER, MAGEE, LUPARDO -- Multi-Sponsored by --
M. of A. BARCLAY, BOYLAND, COOK, CROUCH, FINCH, GIGLIO, HAWLEY,
LAVINE, LENTOL, LIFTON, RABBITT, SALADINO -- read once and referred to
the Committee on Ways and Means
AN ACT to amend the tax law, in relation to providing that excess
investment tax credit amounts may be refundable to operators of a farm
operation
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Subdivision 12 of section 210 of the tax law is amended by
adding a new paragraph (e-1) to read as follows:
(E-1) NOTWITHSTANDING ANY OTHER PROVISION OF THIS SUBDIVISION, FOR
TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND THIR-
TEEN, IF THE CREDIT ALLOWED UNDER THIS SUBDIVISION IS GREATER THAN THE
TAX DUE IN ANY TAXABLE YEAR FOR A TAXPAYER WHOSE PRIMARY SOURCE OF
INCOME IS DERIVED FROM OPERATING A FARM OPERATION, SUCH TAXPAYER MAY
ELECT TO TREAT THE AMOUNT BY WHICH SUCH CREDIT EXCEEDS SUCH TAX DUE AS
AN OVERPAYMENT OF TAX TO BE REFUNDED IN ACCORDANCE WITH THE PROVISIONS
OF SECTION TEN HUNDRED EIGHTY-SIX OF THIS CHAPTER. FOR PURPOSES OF THIS
PARAGRAPH, THE TERM "FARM OPERATION" SHALL HAVE THE SAME MEANING AS SUCH
TERM IS DEFINED IN SUBDIVISION ELEVEN OF SECTION THREE HUNDRED ONE OF
THE AGRICULTURE AND MARKETS LAW.
S 2. Subsection (a) of section 606 of the tax law is amended by adding
a new paragraph 5-a to read as follows:
(5-A) NOTWITHSTANDING ANY OTHER PROVISION OF THIS SUBSECTION, FOR
TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND THIR-
TEEN, IF THE CREDIT ALLOWED UNDER THIS SUBSECTION IS GREATER THAN THE
TAX DUE IN ANY TAXABLE YEAR FOR A TAXPAYER WHOSE PRIMARY SOURCE OF
INCOME IS DERIVED FROM OPERATING A FARM OPERATION, SUCH TAXPAYER MAY
ELECT TO TREAT THE AMOUNT BY WHICH SUCH CREDIT EXCEEDS SUCH TAX DUE AS
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD02391-01-3
A. 1620 2
AN OVERPAYMENT OF TAX TO BE REFUNDED IN ACCORDANCE WITH THE PROVISIONS
OF SECTION SIX HUNDRED EIGHTY-SIX OF THIS ARTICLE. FOR PURPOSES OF THIS
PARAGRAPH, THE TERM "FARM OPERATION" SHALL HAVE THE SAME MEANING AS SUCH
TERM IS DEFINED IN SUBDIVISION ELEVEN OF SECTION THREE HUNDRED ONE OF
THE AGRICULTURE AND MARKETS LAW.
S 3. This act shall take effect immediately, and shall be deemed to
have been in full force and effect on and after January 1, 2013.