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 |
Senate Bill S3835A
2017-2018 Legislative Session
Sponsored By
(R, C, IP) Senate District
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
Actions
Votes
Bill Amendments
co-Sponsors
(D) Senate District
(R, C, IP) Senate District
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 - Sponsor Memo
BILL NUMBER: S3835 TITLE OF BILL : An act to amend the tax law, in relation to farm savings accounts PURPOSE : To establish a farm savings accounts plan in statute that will allow farmers to self insure part of their risk to counter-act strong cyclical downturns in the farm economy. SUMMARY OF PROVISIONS : Section 1 adds a new section 42 to the Tax Law which establishes farm savings accounts. This section outlines the definitions of farm savings accounts and provides the requirements for deductions, contributions, and distributions with regard to a variety of contingencies for farm savings accounts. Section 2 adds a new paragraph 43, to subsection (b) of section 612 of the Tax Law to add a non-qualifying distribution from a farm savings account to a person's adjusted gross income. Section 3 amends subsection (c) of section 612 of the Tax Law by adding a new paragraph 44, to exempt a contribution to a farm savings
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
(D) Senate District
(R, C, IP) Senate District
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) - Sponsor Memo
BILL NUMBER: S3835A SPONSOR: RITCHIE TITLE OF BILL: An act to amend the tax law, in relation to farm savings accounts PURPOSE: To establish a farm savings accounts plan in statute that will allow farmers to self insure part of their risk to counter-act strong cyclical downturns in the farm economy. SUMMARY OF PROVISIONS: Section 1 adds a new section 44 to the Tax Law which establishes farm savings accounts. This section outlines the definitions of farm savings accounts and provides the requirements for deductions, contributions, and distributions with regard to a variety of contingencies for farm savings accounts. Section 2 adds a new paragraph 43, to subsection (b) of section 612 of
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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