S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  4471--A
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 2, 2017
                                ___________
 
 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 establishing an agricultural
   crop loss personal income tax credit
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Section  606  of  the  tax law is amended by adding a new
 subsection (ccc) to read as follows:
   (CCC) AGRICULTURAL CROP LOSS TAX CREDIT. (1) ALLOWANCE  OF  CREDIT.  A
 TAXPAYER WHOSE FEDERAL GROSS INCOME FROM FARMING FOR THE TAXABLE YEAR IS
 AT  LEAST  TWO-THIRDS  OF EXCESS FEDERAL GROSS INCOME SHALL BE ALLOWED A
 CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE FOR THE LOSS OR DAMAGE OF
 ELIGIBLE CROPS AS A RESULT OF FROST INJURY FOR TAXABLE  YEARS  BEGINNING
 ON  OR  AFTER  JANUARY  FIRST, TWO THOUSAND NINETEEN.  THE AMOUNT OF THE
 CREDIT SHALL BE EQUAL TO THIRTY-FIVE PERCENT OF THE AVERAGE VALUE OF THE
 UNIT OF PRODUCTION FOR NEW YORK STATE AS REPORTED BY THE  USDA  NATIONAL
 AGRICULTURAL  STATISTICS  SERVICE IN A GIVEN YEAR, MULTIPLIED BY ACREAGE
 IN PRODUCTION, INCLUDING NEWLY PLANTED ACREAGE, FOR THE  GROWING  SEASON
 OF SUCH YEAR.
   (2)  APPLICATION  OF CREDIT. IF THE AMOUNT OF THE CREDIT ALLOWED UNDER
 THIS SUBSECTION FOR SUCH TAXABLE YEAR SHALL EXCEED  THE  TAXPAYER'S  TAX
 FOR  SUCH  YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO
 BE CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SECTION SIX
 HUNDRED EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO  INTEREST
 SHALL BE PAID THEREON.
   (3)  FOR  THE  PURPOSES  OF  THIS SUBSECTION, THE TERM "ELIGIBLE CROP"
 SHALL MEAN: (A) FRUITS, INCLUDING APPLES, PEACHES, GRAPES, CHERRIES  AND
 BERRIES,  (B)  VEGETABLES,  INCLUDING  TOMATOES,  SNAP  BEANS,  CABBAGE,
 CARROTS, BEETS AND ONIONS, AND (C) POTATOES AND DRY BEANS.
   § 2. This act shall take effect immediately.
 
              

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07620-03-8