|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jun 02, 2014||reported and committed to finance|
|Jan 08, 2014||referred to investigations and government operations|
senate Bill S6223
Archive: Last Bill Status - In Senate Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S6223 - Details
- See Assembly Version of this Bill:
- Law Section:
- Tax Law
- Laws Affected:
- Amd §§658 & 210, Tax L
S6223 - Sponsor Memo
BILL NUMBER:S6223 TITLE OF BILL: An act to amend the tax law, in relation to reducing farm-based taxes PURPOSE: To allow farms, commercial horse boarding operations, and agricultural service providers to use their net income, in place of their gross income, for tax purposes. SUMMARY OF PROVISIONS: Section 1 amends subparagraphs (A) and (B) of paragraph 3 of subsection (c) of section 658 of the Tax Law. Subparagraph (A) is amended to allow farms, commercial horse boarding operations or agricultural service providers 120 days after the last day of the taxable year to make payment of their required filing fee. Subparagraph (B) is amended to allow companies engaged primarily in farming, commercial horse boarding operations or agricultural service providers to use their net income as reported for federal tax purposes in place of their federal gross income. Section 2 amends subparagraph 4 of paragraph (d) of subdivision 1 of section 210 of the Tax Law to allow corporations engaged primarily in farming, commercial horse boarding or providing agricultural services to have the term New York receipts refer to net farm income as reported for federal tax purposes.
S6223 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6223 I N S E N A T E (PREFILED) January 8, 2014 ___________ Introduced by Sens. RITCHIE, GALLIVAN, SEWARD -- read twice and ordered printed, 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 reducing farm-based taxes THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subparagraphs (A) and (B) of paragraph 3 of subsection (c) of section 658 of the tax law, subparagraph (A) as amended by section 18 of part U of chapter 61 of the laws of 2011 and subparagraph (B) as amended by section 1 of part H-1 of chapter 57 of the laws of 2009, are amended to read as follows: (A) Every subchapter K limited liability company, every limited liability company that is a disregarded entity for federal income tax purposes, and every partnership which has any income derived from New York sources, determined in accordance with the applicable rules of section six hundred thirty-one of this article as in the case of a nonresident individual, shall, within sixty days after the last day of the taxable year, make a payment of a filing fee. SUCH DEADLINE SHALL NOT APPLY TO FARMS, COMMERCIAL HORSE BOARDING OPERATIONS OR AGRICULTURAL SERVICE PROVIDERS SUBJECT TO THE FEE, WHICH SHALL, WITHIN ONE HUNDRED TWENTY DAYS AFTER THE LAST DAY OF THE TAXABLE YEAR, MAKE PAYMENT OF ANY REQUIRED FILING FEE. The amount of the filing fee is the amount set forth in subparagraph (B) of this paragraph. The minimum filing fee is twenty-five dollars for taxable years beginning in two thousand eight and thereafter. Limited liability companies that are disregarded enti- ties for federal income tax purposes must pay a filing fee of twenty- five dollars for taxable years beginning on or after January first, two thousand eight. (B) The filing fee will be based on the New York source gross income of the limited liability company or partnership for the taxable year immediately preceding the taxable year for which the fee is due. If the limited liability company or partnership does not have any New York source gross income for the taxable year immediately preceding the taxa- EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
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