S T A T E O F N E W Y O R K
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1854
2015-2016 Regular Sessions
I N A S S E M B L Y
January 13, 2015
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Introduced by M. of A. GUNTHER, MAGEE, LUPARDO, COOK, SKOUFIS, BENEDET-
TO, RAIA, CORWIN, BLANKENBUSH, MONTESANO, PALUMBO, LOPEZ, TENNEY,
LUPINACCI -- Multi-Sponsored by -- M. of A. BARCLAY, CERETTO, CROUCH,
FINCH, GIGLIO, GOODELL, HAWLEY, LAVINE, LENTOL, LIFTON, McLAUGHLIN,
RIVERA, SALADINO, STEC, TITONE -- read once and referred to the
Committee on Ways and Means
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 1 of section 210-B 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 FIFTEEN,
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 OVER-
PAYMENT 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 FIFTEEN,
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
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD04209-01-5
A. 1854 2
TREAT THE AMOUNT BY WHICH SUCH CREDIT EXCEEDS SUCH TAX DUE AS AN OVER-
PAYMENT 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, 2015.