Assembly Bill A7368A

2017-2018 Legislative Session

Relates to the creation of a certified transitional tax credit

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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

2017-A7368 - Details

See Senate Version of this Bill:
S4721
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Add §§44 & 187-q, amd §§210-B & 606, Tax L
Versions Introduced in Other Legislative Sessions:
2019-2020: A5447
2021-2022: A3978
2023-2024: A5483

2017-A7368 - Summary

Relates to the creation of a certified transitional tax credit for taxpayers that demonstrate their agricultural products were sold during a period of transition into USDA organic certification, under the Whole Foods Market IP. L.P. "responsibly grown" labelling program, or under the QAI and Hesco, Inc. "certified transitional" label.

2017-A7368 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7368
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 25, 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 creating a certified transi-
   tional tax credit; and providing for the  repeal  of  such  provisions
   upon expiration thereof
 
   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.  CERTIFIED  TRANSITIONAL TAX CREDIT. (A) ALLOWANCE OF CREDIT. A
 TAXPAYER, WHO IS SUBJECT TO TAX UNDER ARTICLE NINE, NINE-A,  OR  TWENTY-
 TWO  OF  THIS  CHAPTER SHALL BE ALLOWED A REFUNDABLE CREDIT AGAINST SUCH
 TAX TO BE COMPUTED AS PROVIDED IN THIS SECTION, FOR THE TAX  IMPOSED  BY
 THIS  ARTICLE  FOR TAXABLE YEARS AFTER JANUARY FIRST, TWO THOUSAND EIGH-
 TEEN.
   (B) VALUE OF CREDIT. THE AMOUNT OF SUCH CREDIT SHALL BE EQUAL TO TWEN-
 TY-FIVE PERCENT OF THE TOTAL POUNDS OF  GOODS  SOLD  UNDER  AN  ELIGIBLE
 PROGRAM UNDER SUBDIVISION (C) OF THIS SECTION, MULTIPLIED BY ONE-HALF.
   (C)  ELIGIBLE  PROGRAMS. TAXPAYERS THAT WISH TO CLAIM THIS CREDIT MUST
 DEMONSTRATE THEIR AGRICULTURAL PRODUCTS WERE SOLD  DURING  A  PERIOD  OF
 TRANSITION  IN  TO  USDA  ORGANIC  CERTIFICATION,  UNDER THE WHOLE FOODS
 MARKET IP. L.P. "RESPONSIBLY GROWN" LABELLING PROGRAM, OR UNDER THE  QAI
 AND HESCO, INC.  "CERTIFIED TRANSITIONAL" LABEL.
   (D)  APPLICATION  OF CREDIT. THE CREDIT ALLOWED UNDER THIS SECTION FOR
 ANY TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO LESS THAN
 THE MINIMUM TAX FIXED BY THIS ARTICLE. HOWEVER, IF THE AMOUNT OF  CREDIT
 ALLOWED  UNDER THIS SECTION FOR ANY TAXABLE YEAR REDUCES THE TAX TO SUCH
 AMOUNT, ANY AMOUNT OF CREDIT THUS NOT DEDUCTIBLE IN  SUCH  TAXABLE  YEAR
 SHALL  BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED IN
 ACCORDANCE WITH THE PROVISIONS OF SECTION  ONE  THOUSAND  EIGHTY-SIX  OF
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10248-01-7
              

2017-A7368A (ACTIVE) - Details

See Senate Version of this Bill:
S4721
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Add §§44 & 187-q, amd §§210-B & 606, Tax L
Versions Introduced in Other Legislative Sessions:
2019-2020: A5447
2021-2022: A3978
2023-2024: A5483

2017-A7368A (ACTIVE) - Summary

Relates to the creation of a certified transitional tax credit for taxpayers that demonstrate their agricultural products were sold during a period of transition into USDA organic certification, under the Whole Foods Market IP. L.P. "responsibly grown" labelling program, or under the QAI and Hesco, Inc. "certified transitional" label.

2017-A7368A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7368--A
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 25, 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 creating a certified transi-
   tional tax credit; and providing for the  repeal  of  such  provisions
   upon expiration thereof
 
   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.  CERTIFIED  TRANSITIONAL TAX CREDIT. (A) ALLOWANCE OF CREDIT. A
 TAXPAYER, WHO IS SUBJECT TO TAX UNDER ARTICLE NINE, NINE-A,  OR  TWENTY-
 TWO  OF  THIS  CHAPTER SHALL BE ALLOWED A REFUNDABLE CREDIT AGAINST SUCH
 TAX TO BE COMPUTED AS PROVIDED IN THIS SECTION, FOR THE TAX  IMPOSED  BY
 THIS  ARTICLE  FOR TAXABLE YEARS AFTER JANUARY FIRST, TWO THOUSAND NINE-
 TEEN.
   (B) VALUE OF CREDIT. THE AMOUNT OF SUCH CREDIT SHALL BE EQUAL TO TWEN-
 TY-FIVE PERCENT OF THE TOTAL POUNDS OF  GOODS  SOLD  UNDER  AN  ELIGIBLE
 PROGRAM UNDER SUBDIVISION (C) OF THIS SECTION, MULTIPLIED BY ONE-HALF.
   (C)  ELIGIBLE  PROGRAMS. TAXPAYERS THAT WISH TO CLAIM THIS CREDIT MUST
 DEMONSTRATE THEIR AGRICULTURAL PRODUCTS WERE SOLD  DURING  A  PERIOD  OF
 TRANSITION  IN  TO  USDA  ORGANIC  CERTIFICATION,  UNDER THE WHOLE FOODS
 MARKET IP. L.P. "RESPONSIBLY GROWN" LABELLING PROGRAM, OR UNDER THE  QAI
 AND HESCO, INC.  "CERTIFIED TRANSITIONAL" LABEL.
   (D)  APPLICATION  OF CREDIT. THE CREDIT ALLOWED UNDER THIS SECTION FOR
 ANY TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO LESS THAN
 THE MINIMUM TAX FIXED BY THIS ARTICLE. HOWEVER, IF THE AMOUNT OF  CREDIT
 ALLOWED  UNDER THIS SECTION FOR ANY TAXABLE YEAR REDUCES THE TAX TO SUCH
 AMOUNT, ANY AMOUNT OF CREDIT THUS NOT DEDUCTIBLE IN  SUCH  TAXABLE  YEAR
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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