assembly Bill A4840A

2017-2018 Legislative Session

Establishes a farm savings account program

download bill text pdf

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Archive: Last Bill Status - In Assembly Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (4)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Mar 08, 2018 print number 4840a
Mar 08, 2018 amend and recommit to ways and means
Jan 03, 2018 referred to ways and means
Feb 03, 2017 referred to ways and means

Co-Sponsors

A4840 - Details

See Senate Version of this Bill:
S3835
Law Section:
Tax Law
Laws Affected:
Add §44, amd §§612, 209 & 601, Tax L
Versions Introduced in Other Legislative Sessions:
2013-2014: A5583, S3692
2015-2016: A7085, S2469
2019-2020: A5434

A4840 - Summary

Establishes a farm savings account program.

A4840 - Bill Text download pdf


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

                                  4840

                       2017-2018 Regular Sessions

                          I N  A S S E M B L Y

                            February 3, 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 farm savings accounts

  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 43 to read
as follows:
  § 43. FARM SAVINGS ACCOUNTS. 1. DEFINITIONS. (A) QUALIFIED FARMER. FOR
PURPOSES OF THIS  SECTION,  THE  TERM  "QUALIFIED  FARMER"  MEANS,  WITH
RESPECT  TO  ANY TAXABLE YEAR, ANY INDIVIDUAL WHO, DURING SUCH YEAR, WAS
ENGAGED IN THE TRADE OR BUSINESS OF FARMING.
  (B) FARM SAVINGS ACCOUNT. FOR PURPOSES OF THIS SECTION, THE TERM "FARM
SAVINGS ACCOUNT" MEANS A TRUST CREATED OR ORGANIZED IN THE UNITED STATES
AS A FARM SAVINGS ACCOUNT EXCLUSIVELY FOR THE PURPOSE OF  MAKING  QUALI-
FIED  DISTRIBUTIONS FOR PURPOSES OF FARM SUSTAINABILITY, BUT ONLY IF THE
WRITTEN GOVERNING INSTRUMENT CREATING  THE  TRUST  MEETS  THE  FOLLOWING
REQUIREMENTS:
  (I) NO CONTRIBUTION WILL BE ACCEPTED UNLESS IT IS IN CASH.
  (II) THE TRUSTEE IS A BANK, CREDIT UNION OR OTHER APPROPRIATE INSTITU-
TION  THAT  DEMONSTRATES ADMINISTRATION OF THE TRUST IN A MANNER THAT IS
CONSISTENT WITH THE REQUIREMENTS OF THIS SECTION.
  (III) THE ASSETS OF THE TRUST WILL NOT BE COMMINGLED WITH OTHER  PROP-
ERTY EXCEPT IN A COMMON TRUST FUND OR COMMON INVESTMENT FUND.
  (IV)  THE  INTEREST  OF  AN  INDIVIDUAL  IN  THE BALANCE IN HIS OR HER
ACCOUNT IS NONFORFEITABLE.
  (C) QUALIFIED DISTRIBUTION. THE TERM  "QUALIFIED  DISTRIBUTION"  MEANS
ANY  AMOUNT  PAID FROM A FARM SAVINGS ACCOUNT TO THE ACCOUNT BENEFICIARY
EXCLUSIVELY FOR PURPOSES OF FARM SUSTAINABILITY.
  (D) ACCOUNT BENEFICIARY. THE  TERM  "ACCOUNT  BENEFICIARY"  MEANS  THE
INDIVIDUAL  OR  BUSINESS  ON  WHOSE  BEHALF THE FARM SAVINGS ACCOUNT WAS
ESTABLISHED.
  2. PROGRAM DESCRIPTION. (A) DEDUCTIONS ALLOWED. IN THE CASE OF A QUAL-
IFIED FARMER, THERE SHALL BE ALLOWED AS A DEDUCTION FOR THE TAXABLE YEAR
AN AMOUNT EQUAL TO THE AGGREGATE AMOUNT PAID IN CASH DURING SUCH TAXABLE

Co-Sponsors

A4840A (ACTIVE) - Details

See Senate Version of this Bill:
S3835
Law Section:
Tax Law
Laws Affected:
Add §44, amd §§612, 209 & 601, Tax L
Versions Introduced in Other Legislative Sessions:
2013-2014: A5583, S3692
2015-2016: A7085, S2469
2019-2020: A5434

A4840A (ACTIVE) - Summary

Establishes a farm savings account program.

A4840A (ACTIVE) - Bill Text download pdf


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

                                 4840--A

                       2017-2018 Regular Sessions

                          I N  A S S E M B L Y

                            February 3, 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 farm savings accounts

  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 44  to  read
as follows:
  § 44. FARM SAVINGS ACCOUNTS. 1. DEFINITIONS. (A) QUALIFIED FARMER. FOR
PURPOSES  OF  THIS  SECTION,  THE  TERM  "QUALIFIED  FARMER" MEANS, WITH
RESPECT TO ANY TAXABLE YEAR, ANY INDIVIDUAL WHO, DURING SUCH  YEAR,  WAS
ENGAGED IN THE TRADE OR BUSINESS OF FARMING.
  (B) FARM SAVINGS ACCOUNT. FOR PURPOSES OF THIS SECTION, THE TERM "FARM
SAVINGS ACCOUNT" MEANS A TRUST CREATED OR ORGANIZED IN THE UNITED STATES
AS  A  FARM SAVINGS ACCOUNT EXCLUSIVELY FOR THE PURPOSE OF MAKING QUALI-
FIED DISTRIBUTIONS FOR PURPOSES OF FARM SUSTAINABILITY, BUT ONLY IF  THE
WRITTEN  GOVERNING  INSTRUMENT  CREATING  THE  TRUST MEETS THE FOLLOWING
REQUIREMENTS:
  (I) NO CONTRIBUTION WILL BE ACCEPTED UNLESS IT IS IN CASH.
  (II) THE TRUSTEE IS A BANK, CREDIT UNION OR OTHER APPROPRIATE INSTITU-
TION THAT DEMONSTRATES ADMINISTRATION OF THE TRUST IN A MANNER  THAT  IS
CONSISTENT WITH THE REQUIREMENTS OF THIS SECTION.
  (III)  THE ASSETS OF THE TRUST WILL NOT BE COMMINGLED WITH OTHER PROP-
ERTY EXCEPT IN A COMMON TRUST FUND OR COMMON INVESTMENT FUND.
  (IV) THE INTEREST OF AN INDIVIDUAL  IN  THE  BALANCE  IN  HIS  OR  HER
ACCOUNT IS NONFORFEITABLE.
  (C)  QUALIFIED  DISTRIBUTION.  THE TERM "QUALIFIED DISTRIBUTION" MEANS
ANY AMOUNT PAID FROM A FARM SAVINGS ACCOUNT TO THE  ACCOUNT  BENEFICIARY
EXCLUSIVELY FOR PURPOSES OF FARM SUSTAINABILITY.

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

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