Assembly Bill A9636

2015-2016 Legislative Session

Relates to providing insurance corporations with a tax credit for investments made in rural business growth funds; establishes the New York agriculture and rural jobs fund

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Archive: Last Bill Status - In Assembly 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

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2015-A9636 (ACTIVE) - Details

See Senate Version of this Bill:
S7094
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Add §42, amd §1511, Tax L; add §99-y, St Fin L
Versions Introduced in Other Legislative Sessions:
2017-2018: A4772, S4727
2019-2020: A6505, S4642
2021-2022: A2552, S5153

2015-A9636 (ACTIVE) - Summary

Relates to providing insurance corporations with a tax credit for investments made in rural business growth funds; establishes the New York agriculture and rural jobs fund.

2015-A9636 (ACTIVE) - Bill Text download pdf

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

    S. 7094                                                  A. 9636

                      S E N A T E - A S S E M B L Y

                             March 24, 2016
                               ___________

IN  SENATE -- Introduced by Sen. SEWARD -- read twice and ordered print-
  ed, and when printed to be committed  to  the  Committee  on  Investi-
  gations and Government Operations

IN  ASSEMBLY  -- Introduced by M. of A. WOERNER -- Multi-Sponsored 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 providing insurance corpo-
  rations with a tax credit  for  investments  made  in  rural  business
  growth  funds;  and  to  amend  the  state finance law, in relation to
  establishing the New York agriculture and rural jobs fund

  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. NEW YORK AGRICULTURE AND RURAL JOBS CREDIT. (A) DEFINITIONS. FOR
THE PURPOSE OF THIS SECTION THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING
MEANINGS:
  (1) "AFFILIATE" MEANS A PERSON THAT DIRECTLY,  OR  INDIRECTLY  THROUGH
ONE  OR  MORE  INTERMEDIARIES,  CONTROLS,  IS CONTROLLED BY, OR IS UNDER
COMMON CONTROL WITH ANOTHER PERSON. FOR THE PURPOSES OF THIS DIVISION, A
PERSON IS "CONTROLLED BY"  ANOTHER  PERSON  IF  THE  CONTROLLING  PERSON
HOLDS, DIRECTLY OR INDIRECTLY, THE MAJORITY VOTING OR OWNERSHIP INTEREST
IN  THE  CONTROLLED PERSON OR HAS CONTROL OVER THE DAY-TO-DAY OPERATIONS
OF THE CONTROLLED PERSON BY CONTRACT OR BY LAW.
  (2) "CLOSING DATE" MEANS THE DATE ON WHICH  A  RURAL  BUSINESS  GROWTH
FUND HAS COLLECTED ALL OF THE AMOUNTS SPECIFIED BY SUBPARAGRAPHS (A) AND
(B) OF PARAGRAPH SEVEN OF SUBDIVISION (B) OF THIS SECTION.
  (3) "CREDIT-ELIGIBLE CAPITAL CONTRIBUTION" MEANS AN INVESTMENT OF CASH
BY A PERSON IN A RURAL BUSINESS GROWTH FUND THAT EQUALS THE AMOUNT SPEC-
IFIED ON A TAX CREDIT CERTIFICATE ISSUED BY THE DEPARTMENT UNDER SUBPAR-
AGRAPH  (B)  OF  PARAGRAPH  SIX OF SUBDIVISION (B) OF THIS SECTION.  THE
INVESTMENT SHALL PURCHASE AN  EQUITY  INTEREST  IN  THE  RURAL  BUSINESS
GROWTH  FUND  OR  PURCHASE,  AT  PAR VALUE OR PREMIUM, A DEBT INSTRUMENT

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

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