Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Feb 22, 2016 |
print number 2469a |
Feb 22, 2016 |
amend and recommit to investigations and government operations |
Jan 06, 2016 |
referred to investigations and government operations |
May 19, 2015 |
reported and committed to finance |
Jan 23, 2015 |
referred to investigations and government operations |
Senate Bill S2469A
2015-2016 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
Bill Amendments
co-Sponsors
(D) Senate District
(R, C, IP) Senate District
(D) Senate District
2015-S2469 - Details
- See Assembly Version of this Bill:
- A7085
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Add §42, amd §§612, 209 & 601, Tax L
- Versions Introduced in Other Legislative Sessions:
-
2013-2014:
S3692, A5583
2017-2018: S3835, A4840
2019-2020: A5434
2021-2022: A4268
2023-2024: A5488
2015-S2469 - Sponsor Memo
BILL NUMBER:S2469 TITLE OF BILL: An act to amend the tax law, in relation to farm savings accounts PURPOSE: To establish a farm savings accounts plan in statute that will allow farmers to self insure part of their risk to counter-act strong cyclical downturns in the farm economy. SUMMARY OF PROVISIONS: Section 1 adds a new section 42 to the Tax Law which establishes farm savings accounts. This section outlines the definitions of farm savings accounts and provides the requirements for deductions, contributions, and distributions with regard to a variety of contingencies for farm savings accounts. Section 2 adds a new paragraph 42, to subsection (b) of section 612 of the Tax Law to add a non-qualifying distribution from a farm savings account to a person's adjusted gross income. Section 3 amends subsection (c) of section 612 of the Tax Law by adding a new paragraph 42, to exempt a contribution to a farm savings account from a person's adjusted gross income.
2015-S2469 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2469 2015-2016 Regular Sessions I N S E N A T E January 23, 2015 ___________ Introduced by Sens. RITCHIE, FUNKE -- 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 42 to read as follows: S 42. 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. (D) ACCOUNT BENEFICIARY. THE TERM "ACCOUNT BENEFICIARY" MEANS THE INDIVIDUAL OR BUSINESS ON WHOSE BEHALF THE FARM SAVINGS ACCOUNT WAS ESTABLISHED. 2. PROGRAM DESCRIPTION. (A) DEDUCTIONS ALLOWED. IN THE CASE OF A QUAL- IFIED FARMER, THERE SHALL BE ALLOWED AS A DEDUCTION FOR THE TAXABLE YEAR
co-Sponsors
(D) Senate District
(R, C, IP) Senate District
(D) Senate District
2015-S2469A (ACTIVE) - Details
- See Assembly Version of this Bill:
- A7085
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Add §42, amd §§612, 209 & 601, Tax L
- Versions Introduced in Other Legislative Sessions:
-
2013-2014:
S3692, A5583
2017-2018: S3835, A4840
2019-2020: A5434
2021-2022: A4268
2023-2024: A5488
2015-S2469A (ACTIVE) - Sponsor Memo
BILL NUMBER: S2469A TITLE OF BILL : An act to amend the tax law, in relation to farm savings accounts PURPOSE : To establish a farm savings accounts plan in statute that will allow farmers to self insure part of their risk to counter-act strong cyclical downturns in the farm economy. SUMMARY OF PROVISIONS : Section 1 adds a new section 42 to the Tax Law which establishes farm savings accounts. This section outlines the definitions of farm savings accounts and provides the requirements for deductions, contributions, and distributions with regard to a variety of contingencies for farm savings accounts. Section 2 adds a new paragraph 43, to subsection (b) of section 612 of the Tax Law to add a non-qualifying distribution from a farm savings account to a person's adjusted gross income. Section 3 amends subsection (c) of section 612 of the Tax Law by adding a new paragraph 44, to exempt a contribution to a farm savings
2015-S2469A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2469--A 2015-2016 Regular Sessions I N S E N A T E January 23, 2015 ___________ Introduced by Sens. RITCHIE, CARLUCCI, FUNKE, PANEPINTO -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations 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 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 42 to read as follows: S 42. 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. LBD07647-02-6 S. 2469--A 2
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