senate Bill S3692A

2013-2014 Legislative Session

Establishes a farm savings account program

download bill text pdf

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 (6)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Apr 29, 2014 reported and committed to finance
Mar 03, 2014 print number 3692a
amend and recommit to investigations and government operations
Jan 08, 2014 referred to investigations and government operations
Mar 05, 2013 reported and committed to finance
Feb 11, 2013 referred to investigations and government operations

Co-Sponsors

S3692 - Details

See Assembly Version of this Bill:
A5583A
Current Committee:
Law Section:
Tax Law
Laws Affected:
Add §41, amd §§612, 209 & 601, Tax L

S3692 - Summary

Establishes a farm savings account program.

S3692 - Bill Text download pdf

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

                                  3692

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            February 11, 2013
                               ___________

Introduced  by Sens. RITCHIE, MAZIARZ -- 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 farm savings accounts

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

  Section 1. The tax law is amended by adding a new section 38  to  read
as follows:
  S 38. FARM SAVINGS ACCOUNTS. 1. DEFINITIONS. (A) QUALIFIED FARMER. FOR
PURPOSES  OF  THIS  SECTION,  THE  TERM  "QUALIFIED  FARMER" MEANS, WITH
RESPECT TO ANY TAXABLE YEAR, ANY INDIVIDUAL WHO, DURING SUCH  YEAR,  WAS
ENGAGED IN THE TRADE OR BUSINESS OF FARMING.
  (B) FARM SAVINGS ACCOUNT. FOR PURPOSES OF THIS SECTION, THE TERM "FARM
SAVINGS ACCOUNT" MEANS A TRUST CREATED OR ORGANIZED IN THE UNITED STATES
AS  A  FARM SAVINGS ACCOUNT EXCLUSIVELY FOR THE PURPOSE OF MAKING QUALI-
FIED DISTRIBUTIONS FOR PURPOSES OF FARM SUSTAINABILITY, BUT ONLY IF  THE
WRITTEN  GOVERNING  INSTRUMENT  CREATING  THE  TRUST MEETS THE FOLLOWING
REQUIREMENTS:
  (I) NO CONTRIBUTION WILL BE ACCEPTED UNLESS IT IS IN CASH.
  (II) THE TRUSTEE IS A BANK, CREDIT UNION OR OTHER APPROPRIATE INSTITU-
TION THAT DEMONSTRATES ADMINISTRATION OF THE TRUST IN A MANNER  THAT  IS
CONSISTENT WITH THE REQUIREMENTS OF THIS SECTION.
  (III)  THE ASSETS OF THE TRUST WILL NOT BE COMMINGLED WITH OTHER PROP-
ERTY EXCEPT IN A COMMON TRUST FUND OR COMMON INVESTMENT FUND.
  (IV) THE INTEREST OF AN INDIVIDUAL  IN  THE  BALANCE  IN  HIS  OR  HER
ACCOUNT IS NONFORFEITABLE.
  (C)  QUALIFIED  DISTRIBUTION.  THE TERM "QUALIFIED DISTRIBUTION" MEANS
ANY AMOUNT PAID FROM A FARM SAVINGS ACCOUNT TO THE  ACCOUNT  BENEFICIARY
EXCLUSIVELY FOR PURPOSES OF FARM SUSTAINABILITY.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08790-03-3

S. 3692                             2

Co-Sponsors

S3692A (ACTIVE) - Details

See Assembly Version of this Bill:
A5583A
Current Committee:
Law Section:
Tax Law
Laws Affected:
Add §41, amd §§612, 209 & 601, Tax L

S3692A (ACTIVE) - Summary

Establishes a farm savings account program.

S3692A (ACTIVE) - Sponsor Memo

S3692A (ACTIVE) - Bill Text download pdf

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

                                 3692--A

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            February 11, 2013
                               ___________

Introduced  by Sens. RITCHIE, MAZIARZ -- read twice and ordered printed,
  and when printed to be committed to the  Committee  on  Investigations
  and  Government Operations -- recommitted to the Committee on Investi-
  gations 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 farm savings accounts

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

  Section  1.  The tax law is amended by adding a new section 41 to read
as follows:
  S 41. FARM SAVINGS ACCOUNTS. 1. DEFINITIONS. (A) QUALIFIED FARMER. FOR
PURPOSES OF THIS  SECTION,  THE  TERM  "QUALIFIED  FARMER"  MEANS,  WITH
RESPECT  TO  ANY TAXABLE YEAR, ANY INDIVIDUAL WHO, DURING SUCH YEAR, WAS
ENGAGED IN THE TRADE OR BUSINESS OF FARMING.
  (B) FARM SAVINGS ACCOUNT. FOR PURPOSES OF THIS SECTION, THE TERM "FARM
SAVINGS ACCOUNT" MEANS A TRUST CREATED OR ORGANIZED IN THE UNITED STATES
AS A FARM SAVINGS ACCOUNT EXCLUSIVELY FOR THE PURPOSE OF  MAKING  QUALI-
FIED  DISTRIBUTIONS FOR PURPOSES OF FARM SUSTAINABILITY, BUT ONLY IF THE
WRITTEN GOVERNING INSTRUMENT CREATING  THE  TRUST  MEETS  THE  FOLLOWING
REQUIREMENTS:
  (I) NO CONTRIBUTION WILL BE ACCEPTED UNLESS IT IS IN CASH.
  (II) THE TRUSTEE IS A BANK, CREDIT UNION OR OTHER APPROPRIATE INSTITU-
TION  THAT  DEMONSTRATES ADMINISTRATION OF THE TRUST IN A MANNER THAT IS
CONSISTENT WITH THE REQUIREMENTS OF THIS SECTION.
  (III) THE ASSETS OF THE TRUST WILL NOT BE COMMINGLED WITH OTHER  PROP-
ERTY EXCEPT IN A COMMON TRUST FUND OR COMMON INVESTMENT FUND.
  (IV)  THE  INTEREST  OF  AN  INDIVIDUAL  IN  THE BALANCE IN HIS OR HER
ACCOUNT IS NONFORFEITABLE.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08790-04-4

S. 3692--A                          2

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