senate Bill S2469A

2015-2016 Legislative Session

Establishes a farm savings account program

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee


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

Your Voice

do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

view actions (5)
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

Votes

view votes

May 19, 2015 - Investigations and Government Operations committee Vote

S2469
8
0
committee
8
Aye
0
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Committee Vote: May 19, 2015

aye wr (1)

Co-Sponsors

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

S2469 - Summary

Establishes a farm savings account program.

S2469 - Sponsor Memo

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

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

S2469A (ACTIVE) - Summary

Establishes a farm savings account program.

S2469A (ACTIVE) - Sponsor Memo

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

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.