| Assembly Actions - Lowercase Senate Actions - UPPERCASE |
|
|---|---|
| Feb 25, 2016 | referred to ways and means delivered to assembly passed senate |
| Feb 08, 2016 | ordered to third reading cal.150 referred to rules |
senate Bill S6707
2015-2016 Legislative Session
Sponsored By
Patty Ritchie
(R, C, IP) 0 Senate District
Archive: Last Bill Status - Passed Senate
- Introduced
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
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Co-Sponsors
Thomas F. O'Mara
(R, C) 58th Senate District
Sue Serino
(R, C, IP) 0 Senate District
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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