assembly Bill A7085A

2015-2016 Legislative Session

Establishes a farm savings account program

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Archive: Last Bill Status - In Assembly 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 (4)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Feb 24, 2016 print number 7085a
Feb 24, 2016 amend and recommit to ways and means
Jan 06, 2016 referred to ways and means
Apr 23, 2015 referred to ways and means

A7085 - Details

See Senate Version of this Bill:
S2469
Law Section:
Tax Law
Laws Affected:
Add §42, amd §§612, 209 & 601, Tax L
Versions Introduced in Other Legislative Sessions:
2013-2014: A5583, S3692
2017-2018: A4840, S3835
2019-2020: A5434

A7085 - Summary

Establishes a farm savings account program.

A7085 - Bill Text download pdf

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

                                  7085

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                             April 23, 2015
                               ___________

Introduced  by M. of A. MAGEE -- read once and referred to the Committee
  on Ways and Means

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
AN AMOUNT EQUAL TO THE AGGREGATE AMOUNT PAID IN CASH DURING SUCH TAXABLE

A7085A (ACTIVE) - Details

See Senate Version of this Bill:
S2469
Law Section:
Tax Law
Laws Affected:
Add §42, amd §§612, 209 & 601, Tax L
Versions Introduced in Other Legislative Sessions:
2013-2014: A5583, S3692
2017-2018: A4840, S3835
2019-2020: A5434

A7085A (ACTIVE) - Summary

Establishes a farm savings account program.

A7085A (ACTIVE) - Bill Text download pdf

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

                                 7085--A

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                             April 23, 2015
                               ___________

Introduced  by M. of A. MAGEE -- read once and referred to the Committee
  on Ways and Means -- recommitted to the Committee on Ways and Means in
  accordance with Assembly Rule 3, sec. 2 -- committee discharged,  bill
  amended,  ordered reprinted as amended and recommitted to said commit-
  tee

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.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07647-03-6

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