|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Feb 25, 2016||referred to ways and means|
delivered to assembly
|Feb 08, 2016||ordered to third reading cal.150|
referred to rules
senate Bill S6707
Archive: Last Bill Status - Passed Senate
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S6707 (ACTIVE) - Details
S6707 (ACTIVE) - Sponsor Memo
BILL NUMBER: S6707 TITLE OF BILL : An act to amend the tax law, in relation to the tax treatment of farm income of certain farm business taxpayers PURPOSE : Increases the personal income tax exemption currently available to farm businesses from 5 percent to 20 percent for farm income; Eliminates the current employee qualification and raises the income eligibility threshold from $250,000 in farm income to $350,000 in farm income. SUMMARY OF PROVISIONS : Section one amends the Personal Income Tax, Section 612 of the Tax Law to increase the exemption of farm income from 5 percent to 20 percent for farm businesses (sole proprietors, LLCs, partnerships and S-corporations) and raises the farm income eligibility from $250,000 to $350,000. There is no employment requirement for farm businesses to receive this exemption. Section two is the effective date. JUSTIFICATION :
S6707 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6707 I N S E N A T E February 8, 2016 ___________ Introduced by Sen. RITCHIE -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the tax law, in relation to the tax treatment of farm income of certain farm business taxpayers THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph 39 of subsection (c) of section 612 of the tax law, as added by section 1 of part Y of chapter 59 of the laws of 2013, is amended to read as follows: (39) (A) In the case of a taxpayer who is a small business who has business income [and/or farm income] as defined in the laws of the United States, an amount equal to three percent of the net items of income, gain, loss and deduction attributable to such business [or farm] entering into federal adjusted gross income, but not less than zero, for taxable years beginning after two thousand thirteen, an amount equal to three and three-quarters percent of the net items of income, gain, loss and deduction attributable to such business [or farm] entering into federal adjusted gross income, but not less than zero, for taxable years beginning after two thousand fourteen, and an amount equal to five percent of the net items of income, gain, loss and deduction attribut- able to such business [or farm] entering into federal adjusted gross income, but not less than zero, for taxable years beginning after two thousand fifteen. For the purposes of this paragraph, the term small business shall mean a sole proprietor [or a farm business] who employs one or more persons during the taxable year and who has net business income [or net farm income] of less than two hundred fifty thousand dollars. (B) IN THE CASE OF A TAXPAYER WHO IS A FARM BUSINESS OR A TAXPAYER WHO IS A MEMBER, PARTNER, OR SHAREHOLDER OF A LIMITED LIABILITY COMPANY, PARTNERSHIP, OR NEW YORK S CORPORATION, RESPECTIVELY, THAT IS A FARM BUSINESS, WHO OR WHICH HAS FARM INCOME AS DEFINED BY THE LAWS OF THE UNITED STATES, AN AMOUNT EQUAL TO TWENTY PERCENT OF THE NET ITEMS OF INCOME, GAIN, LOSS AND DEDUCTION ATTRIBUTABLE TO SUCH FARM. FOR THE PURPOSES OF THIS PARAGRAPH, THE TERM FARM BUSINESS SHALL MEAN A FARM EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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