senate Bill S2909

2013-2014 Legislative Session

Creates an agricultural crop loss personal income tax credit

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Sponsored By

Archive: Last Bill Status - In Senate Committee


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

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to investigations and government operations
Jan 24, 2013 referred to investigations and government operations

Co-Sponsors

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S2909 - Details

Law Section:
Tax Law
Laws Affected:
Amd ยง606, Tax L
Versions Introduced in 2011-2012 Legislative Session:
S7551

S2909 - Summary

Creates an agricultural crop loss personal income tax credit.

S2909 - Sponsor Memo

S2909 - Bill Text download pdf

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

                                  2909

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            January 24, 2013
                               ___________

Introduced by Sens. RITCHIE, FARLEY, GALLIVAN, GOLDEN, GRIFFO, GRISANTI,
  LARKIN,  LITTLE,  MARCHIONE,  MAZIARZ,  NOZZOLIO, O'MARA, RANZENHOFER,
  VALESKY, YOUNG -- read twice and ordered printed, and when printed  to
  be  committed  to the Committee on Investigations and Government Oper-
  ations

AN ACT to amend the tax law, in relation to establishing an agricultural
  crop loss 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 (vv) to read as follows:
  (VV) AGRICULTURAL CROP LOSS 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 LOSS OR DAMAGE OF
ELIGIBLE CROPS AS A RESULT OF FROST INJURY FOR THE TAXABLE  YEAR  BEGIN-
NING ON OR AFTER JANUARY FIRST, TWO THOUSAND TWELVE AND ENDING ON DECEM-
BER THIRTY-FIRST, TWO THOUSAND TWELVE. THE AMOUNT OF THE CREDIT SHALL BE
EQUAL  TO  THIRTY-FIVE  PERCENT  OF  THE  AVERAGE  VALUE  OF THE UNIT OF
PRODUCTION FOR NEW YORK STATE AS REPORTED BY THE USDA NATIONAL  AGRICUL-
TURAL  STATISTICS SERVICE FOR TWO THOUSAND ELEVEN, MULTIPLIED BY ACREAGE
IN PRODUCTION, INCLUDING NEWLY PLANTED ACREAGE,  FOR  THE  TWO  THOUSAND
TWELVE GROWING SEASON.
  (2)  APPLICATION  OF CREDIT. IF THE AMOUNT OF THE CREDIT ALLOWED UNDER
THIS SUBSECTION FOR SUCH 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 SIX
HUNDRED EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO  INTEREST
SHALL BE PAID THEREON.
  (3)  FOR  THE  PURPOSES  OF  THIS SUBSECTION, THE TERM "ELIGIBLE CROP"
SHALL MEAN: (A) FRUITS, INCLUDING APPLES, PEACHES, GRAPES, CHERRIES  AND
BERRIES,  (B)  VEGETABLES,  INCLUDING  TOMATOES,  SNAP  BEANS,  CABBAGE,
CARROTS, BEETS AND ONIONS, AND (C) POTATOES AND DRY BEANS.
  S 2. This act shall take effect immediately.

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