senate Bill S2083A

2013-2014 Legislative Session

Provides that excess investment tax credit amounts may be refundable to operators of a farm operation

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Archive: Last Bill Status - In Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 29, 2014 print number 2083a
amend and recommit to investigations and government operations
Jan 08, 2014 referred to investigations and government operations
Jan 10, 2013 referred to investigations and government operations

Bill Amendments

Original
A (Active)
Original
A (Active)

Co-Sponsors

S2083 - Bill Details

Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §§210 & 606, Tax L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S784
2009-2010: A1088A, S2431, S2431A

S2083 - Bill Texts

view summary

Provides that excess investment tax credit amounts may be refundable to operators of a farm operation.

view sponsor memo
BILL NUMBER:S2083

TITLE OF BILL: 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

PURPOSE: To allow farmers to receive the investment tax credit as a
fully refundable credit.

SUMMARY OF PROVISIONS: Section 210 of the Tax Law is amended to
provide that excess investment tax credit amounts may be refundable to
operators of a farm operation.

JUSTIFICATION: New York is home to some 38,000 farms encompassing
roughly 7.8 million acres of cropland, pasture and woodlands. These
farms produce nearly $3.1 billion annually in direct economic output
and probably double or triple that in indirect economic benefits with
the farming and food industry employing over 425,000 people. Given the
enormous economic impact that agriculture has on the economy of this
State, we must do everything we can to ensure that our farm operations
survive.

When farmers make long term investments in their operations they are
eligible for the investment tax credit (ITC). However, unlike the
agricultural school tax credit, the investment tax credit is not
refundable and, thereby, of no benefit to farmers who have no taxable
income. To remedy this and to assist our farmers with continuing to
make investment in their agri-enterprises, this bill would allow
farmers to receive the ITC as a fully refundable credit, similar to
the school tax credit. By making this small change, our farmers would
receive a valuable benefit that would enable them to continue to
update, modernize and invest in their farms.

LEGISLATIVE HISTORY: 2011,2012: S.784/A.386 Reported to
Investigations & Operations Committee 2009,2010: S.2431A/A.1088A
Reported to Investigations & Operations Committee 2007,2008:
S.2036A/A.1233B Passed Senate & Operations Committee 2006:
S.7164/A.9279 Referred to Investigations

FISCAL IMPLICATIONS: To be determined.

EFFECTIVE DATE: Effective immediately, and shall be deemed to have
been in full force and effect on and after January 1, 2013.

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

                                  2083

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            January 10, 2013
                               ___________

Introduced  by  Sens.  YOUNG, BONACIC -- 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 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
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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02391-01-3

S. 2083                             2

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.

Co-Sponsors

S2083A (ACTIVE) - Bill Details

Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §§210 & 606, Tax L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S784
2009-2010: A1088A, S2431, S2431A

S2083A (ACTIVE) - Bill Texts

view summary

Provides that excess investment tax credit amounts may be refundable to operators of a farm operation.

view sponsor memo
BILL NUMBER:S2083A

TITLE OF BILL: 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

PURPOSE: To allow farmers to receive the investment tax credit as a
fully refundable credit.

SUMMARY OF PROVISIONS: Section 210 of the Tax Law is amended to
provide that excess investment tax credit amounts may be refundable to
operators of a farm operation.

JUSTIFICATION: New York is home to some 38,000 farms encompassing
roughly 7.8 million acres of cropland, pasture and woodlands. These
farms produce nearly $3.1 billion annually in direct economic output
and probably double or triple that in indirect economic benefits with
the farming and food industry employing over 425,000 people. Given the
enormous economic impact that agriculture has on the economy of this
State, we must do everything we can to ensure that our farm operations
survive.

When farmers make long term investments in their operations they are
eligible for the investment tax credit (ITC). However, unlike the
agricultural school tax credit, the investment tax credit is not
refundable and, thereby, is of no benefit to farmers who have no
taxable income. To remedy this and to assist our farmers with
continuing to make investment in their agri-enterprises, this bill
would allow farmers to receive the ITC as a fully refundable credit,
similar to the school tax credit. By making this small change, our
farmers would receive a valuable benefit that would enable them to
continue to update, modernize and invest in their farms.

LEGISLATIVE HISTORY: 2011,2012: S.784/A.386 Reported to
investigations & Operations Committee 2009,2010: S.2431A/A.1088A
Reported to Investigations & Operations Committee 2007,2008:
S.2036A/A.1233B Passed Senate 2006: S.7164/A.9279 Referred to
Investigations & Operations Committee

FISCAL IMPLICATIONS: To be determined.

EFFECTIVE DATE: Effective immediately, and shall be deemed to have
been in full force and effect on and after January 1, 2014.

view full text
download pdf
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 2083--A

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            January 10, 2013
                               ___________

Introduced  by  Sens.  YOUNG, BONACIC, TKACZYK -- read twice and ordered
  printed, and when printed to be committed to the Committee on Investi-
  gations and Government Operations -- recommitted to the  Committee  on
  Investigations  and  Government  Operations  in accordance with Senate
  Rule  6,  sec.  8  --  committee  discharged,  bill  amended,  ordered
  reprinted as amended and recommitted to said committee

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 FOUR-
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  FOUR-
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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02391-02-4

S. 2083--A                          2

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 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, 2014.

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