senate Bill S3835A

2017-2018 Legislative Session

Establishes a farm savings account program

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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 (11)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Feb 23, 2018 print number 3835a
Feb 23, 2018 amend and recommit to investigations and government operations
Jan 03, 2018 referred to investigations and government operations
returned to senate
died in assembly
Mar 22, 2017 referred to ways and means
Mar 21, 2017 delivered to assembly
passed senate
ordered to third reading cal.447
committee discharged and committed to rules
Jan 27, 2017 referred to investigations and government operations

Co-Sponsors

S3835 - Details

See Assembly Version of this Bill:
A4840
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Add §44, amd §§612, 209 & 601, Tax L
Versions Introduced in Other Legislative Sessions:
2013-2014: S3692, A5583
2015-2016: S2469, A7085
2019-2020: A5434

S3835 - Summary

Establishes a farm savings account program.

S3835 - Sponsor Memo

S3835 - Bill Text download pdf


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

                                  3835

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                            January 27, 2017
                               ___________

Introduced by Sens. RITCHIE, CARLUCCI -- 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 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.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08789-01-7

Co-Sponsors

S3835A (ACTIVE) - Details

See Assembly Version of this Bill:
A4840
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Add §44, amd §§612, 209 & 601, Tax L
Versions Introduced in Other Legislative Sessions:
2013-2014: S3692, A5583
2015-2016: S2469, A7085
2019-2020: A5434

S3835A (ACTIVE) - Summary

Establishes a farm savings account program.

S3835A (ACTIVE) - Sponsor Memo

S3835A (ACTIVE) - Bill Text download pdf


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

                                 3835--A

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                            January 27, 2017
                               ___________

Introduced  by  Sens.  RITCHIE,  CARLUCCI,  MARCHIONE  -- read twice and
  ordered printed, and when printed to be committed to the Committee  on
  Investigations and Government Operations -- recommitted to the Commit-
  tee  on  Investigations  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 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.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08789-02-8

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