NY State Senate Bill 2017-S1921A

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Feb 23, 2018	print number 1921a
Feb 23, 2018	amend and recommit to investigations and government operations
Jan 03, 2018	referred to investigations and government operations
Jan 11, 2017	referred to investigations and government operations

Bill Amendments

Original

A (Active)

co-Sponsors

2017-S1921 - Details

See Assembly Version of this Bill:: A4471
Current Committee:: Senate Investigations And Government Operations
Law Section:: Tax Law
Laws Affected:: Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:: 2011-2012: S7551
2013-2014: S2909
2015-2016: S4960, A7277

2017-S1921 - Summary

Creates an agricultural crop loss personal income tax credit when such loss is due to frost injury.

2017-S1921 - Sponsor Memo

                                 BILL NUMBER:  S1921

 TITLE OF BILL :  An act to amend the tax law, in relation to
establishing an agricultural crop loss personal income tax credit

 PURPOSE :

To provide a personal income tax credit for agricultural crop losses

 SUMMARY OF SPECIFIC PROVISIONS :

Section 1 amends the tax law by adding a new subsection establishing
the Agricultural crop loss tax credit. The amount of the credit shall
be equal to 35% of the average value of the unit production for New
York State and reported by the USDA National Agricultural Statistics
Service in a given year, multiplied by acreage in production.

Section 2 is the effective date.

 JUSTIFICATION :

Agriculture, by the nature of its business, is extremely dependent
upon weather and pricing. We have seen the impacts of weather on farm
business during Hurricane Irene, Tropical Storm Lee, and Super storm
Sandy, where farms lost a year's worth of forage, fruit and produce.
Weather events combined with the strong cyclical nature of commodity

pricing, makes pecuniary gains extremely difficult for agricultural
businesses.

At the beginning of the 2012 growing season, New York State's farmers
experienced widespread damage and loss to their crops as a result of
an extremely rare severe frost event. Upon initial notification,
elected officials and farm organizations immediately requested that
the Governor contact the USDA Secretary of Agriculture and ask that a
disaster declaration be issued for counties where farmers experienced
damage to their crops. In doing so, farmers in counties that receive
such a designation would be eligible for low-cost loans if their
losses exceed the established threshold, as evaluated by the USDA's
Farm Service Agency.

The preliminary damage assessment estimate indicated that New York
experienced one of the worst statewide, multi-crop losses ever
witnessed in the State. Cornell's Lake Erie Regional Research
Laboratory estimated crop loss for grapes was between 40%-50%;
cherries at 100%, peaches at 90%, and apples at 50%. While the level
of crop loss varies based on the region of the State, elevations and
the crop's stage of growth, there is no doubt that there is a high
probability that many farmers will face severe economic losses.

Catastrophic losses like this are becoming more prevalent as traumatic
weather events become more frequent and extreme. This legislation is
vitally important as it allows the state's farm operations and their
families an opportunity to be economically viable, despite these
weather events. Furthermore, this bill will allow farmers to offset
the losses they sustain. For all of these reasons it is imperative
that this bill is enacted.

 LEGISLATIVE HISTORY :

2015: S.4960-A/ A.7277-A

 FISCAL IMPLICATIONS :

To be determined.

 EFFECTIVE DATE :
This act shall take effect immediately.

2017-S1921 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1921
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             January 11, 2017
                                ___________
 
 Introduced  by  Sens.  RITCHIE, YOUNG -- read twice and ordered printed,
   and when printed to be committed to the  Committee  on  Investigations
   and Government Operations
 
 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 EIGHTEEN.   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.

                                                            LBD07620-01-7

co-Sponsors

2017-S1921A (ACTIVE) - Details

See Assembly Version of this Bill:: A4471
Current Committee:: Senate Investigations And Government Operations
Law Section:: Tax Law
Laws Affected:: Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:: 2011-2012: S7551
2013-2014: S2909
2015-2016: S4960, A7277

2017-S1921A (ACTIVE) - Summary

Creates an agricultural crop loss personal income tax credit when such loss is due to frost injury.

2017-S1921A (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S1921A

SPONSOR: RITCHIE
 
TITLE OF BILL:  An act to amend the tax law, in relation to establish-
ing an agricultural crop loss personal income tax credit

 
PURPOSE:

To provide a personal income tax credit for agricultural crop losses

 
SUMMARY OF SPECIFIC PROVISIONS:

Section 1 amends the tax law by adding a new subsection establishing the
Agricultural crop loss tax credit. The amount of the credit shall be
equal to 35% of the average value of the unit production for New York
State and reported by the USDA National Agricultural Statistics Service
in a given year, multiplied by acreage in production.

Section 2 is the effective date.

JUSTIFICATION:

Agriculture, by the nature of its business, is extremely dependent upon
weather and pricing. We have seen the impacts of weather on farm busi-
ness during Hurricane Irene, Tropical Storm Lee, and Super storm Sandy,
where farms lost a year's worth of forage, fruit and produce. Weather
events combined with the strong cyclical nature of commodity pricing,
makes pecuniary gains extremely difficult for agricultural businesses.

At the beginning of the 2012 growing season, New York State's farmers
experienced widespread damage and loss to their crops as a result of an
extremely rare severe frost event. Upon initial notification, elected
officials and farm organizations immediately requested that the Governor
contact the USDA Secretary of Agriculture and ask that a disaster decla-
ration be issued for counties where farmers experienced damage to their
crops. In doing so, farmers in counties that receive such a designation
would be eligible for low-cost loans if their losses exceed the estab-
lished threshold, as evaluated by the USDA's Farm Service Agency.

The preliminary damage assessment estimate indicated that New York expe-
rienced one of the worst statewide, multi-crop losses ever witnessed in
the State. Cornell's Lake Erie Regional Research Laboratory estimated
crop loss for grapes was between 40%-50%; cherries at 100%, peaches at
90%, and apples at 50%. While the level of crop loss varies based on the
region of the State, elevations and the crop's stage of growth, there is
no doubt that there is a high probability that many farmers will face
severe economic losses.

Catastrophic losses like this are becoming more prevalent as traumatic
weather events become more frequent and extreme. This legislation is
vitally important as it allows the state's farm operations and their
families an opportunity to be economically viable, despite these weather
events. Furthermore, this bill will allow farmers to offset the losses
they sustain. For all of these reasons it is imperative that this bill
is enacted.

 
LEGISLATIVE HISTORY:

2015: S.4960-A/ A.7277-A
 
FISCAL IMPLICATIONS:

To be determined.

 
EFFECTIVE DATE:
This act shall take effect immediately.

2017-S1921A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  1921--A
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             January 11, 2017
                                ___________
 
 Introduced  by  Sens.  RITCHIE, YOUNG -- read twice and ordered printed,
   and when printed to be committed to the  Committee  on  Investigations
   and  Government Operations -- recommitted to the Committee on Investi-
   gations and Government Operations in accordance with  Senate  Rule  6,
   sec.  8  --  committee  discharged, bill amended, ordered reprinted as
   amended and recommitted to said committee
 
 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.
                                                            LBD07620-02-8

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Senate Bill S1921A

Sponsored By

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

Bill Amendments

co-Sponsors

2017-S1921 - Details

2017-S1921 - Summary

2017-S1921 - Sponsor Memo

2017-S1921 - Bill Text download pdf

co-Sponsors

2017-S1921A (ACTIVE) - Details

2017-S1921A (ACTIVE) - Summary

2017-S1921A (ACTIVE) - Sponsor Memo

2017-S1921A (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S1921A

Share this bill

Sponsored By

Patty Ritchie

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

Bill Amendments

co-Sponsors

Catharine Young

2017-S1921 - Details

2017-S1921 - Summary

2017-S1921 - Sponsor Memo

2017-S1921 - Bill Text download pdf

co-Sponsors

Catharine Young

2017-S1921A (ACTIVE) - Details

2017-S1921A (ACTIVE) - Summary

2017-S1921A (ACTIVE) - Sponsor Memo

2017-S1921A (ACTIVE) - Bill Text download pdf

Comments