Senate Bill S3835A

2017-2018 Legislative Session

Establishes a farm savings account program

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Sponsored By

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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Bill Amendments

co-Sponsors

2017-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
2021-2022: A4268
2023-2024: A5488

2017-S3835 - Summary

Establishes a farm savings account program.

2017-S3835 - Sponsor Memo

2017-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

2017-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
2021-2022: A4268
2023-2024: A5488

2017-S3835A (ACTIVE) - Summary

Establishes a farm savings account program.

2017-S3835A (ACTIVE) - Sponsor Memo

2017-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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