Assembly Bill A4477A

2017-2018 Legislative Session

Relates to the tax treatment of farm income of certain farm business taxpayers

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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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Bill Amendments

co-Sponsors

2017-A4477 - Details

See Senate Version of this Bill:
S2909
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L
Versions Introduced in 2015-2016 Legislative Session:
A9466, S6707

2017-A4477 - Summary

Relates to the tax treatment of farm income of certain farm business taxpayers.

2017-A4477 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4477
 
                        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
 
 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

co-Sponsors

multi-Sponsors

2017-A4477A (ACTIVE) - Details

See Senate Version of this Bill:
S2909
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L
Versions Introduced in 2015-2016 Legislative Session:
A9466, S6707

2017-A4477A (ACTIVE) - Summary

Relates to the tax treatment of farm income of certain farm business taxpayers.

2017-A4477A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  4477--A
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 2, 2017
                                ___________
 
 Introduced  by  M. of A. MAGEE, BLANKENBUSH -- 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 committee

 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.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08239-03-8
              

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