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Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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|---|---|
| Jan 23, 2018 |
print number 455a |
| Jan 23, 2018 |
amend and recommit to investigations and government operations |
| Jan 03, 2018 |
referred to investigations and government operations |
| Jan 04, 2017 |
referred to investigations and government operations |
Senate Bill S455A
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
Bill Amendments
co-Sponsors
(R, C, IP) Senate District
(R, C, IP) Senate District
2017-S455 - Details
2017-S455 - Sponsor Memo
BILL NUMBER: S455
TITLE OF BILL : An act to amend the tax law, in relation to
establishing a grapevine replacement personal income tax credit
PURPOSE :
This bill establishes a refundable personal income tax credit to
farmers for the cost of replacing Concord grapevines with a new grape
variety.
SUMMARY OF PROVISIONS :
Section 606 of the Tax Law is amended to allow for a refundable
personal income tax credit to farmers for the cost of grapevines that
are replacing existing Concord grapevines, provided that the new
grapevines are not of any Concord variety.
JUSTIFICATION :
This legislation was created to encourage the planting of new grape
varieties in response to New York's evolving grape and wine market.
Many New York grape producers have built their businesses on the
native Concord grape which is used in juices; jellies and other food
products. Concord grape growers are currently experiencing a severe
glut in national grape juice concentrate markets, due to
2017-S455 - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
455
2017-2018 Regular Sessions
I N S E N A T E
(PREFILED)
January 4, 2017
___________
Introduced by Sens. YOUNG, FUNKE, RANZENHOFER -- read twice and ordered
printed, and when printed to be committed to the Committee on Investi-
gations and Government Operations
AN ACT to amend the tax law, in relation to establishing a grapevine
replacement 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) GRAPEVINE REPLACEMENT 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 REPLACEMENT OF
GRAPEVINES OF ANY CONCORD VARIETY FOR TAXABLE YEARS BEGINNING ON OR
AFTER JANUARY FIRST, TWO THOUSAND SEVENTEEN. THE AMOUNT OF THE CREDIT
SHALL BE EQUAL TO THE SUM OF THE COST OF GRAPEVINES THAT ARE PURCHASED
AND PLANTED FOR THE PURPOSE OF REPLACING GRAPEVINES OF ANY CONCORD VARI-
ETY. THIS CREDIT SHALL NOT APPLY TO GRAPEVINES OF ANY CONCORD VARIETY.
(2) APPLICATION OF CREDIT. IF THE AMOUNT OF THE CREDIT ALLOWED UNDER
THIS SUBSECTION FOR ANY TAXABLE YEARS 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.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD05935-01-7
co-Sponsors
(R, C, IP) Senate District
(R, C, IP) Senate District
2017-S455A (ACTIVE) - Details
2017-S455A (ACTIVE) - Sponsor Memo
BILL NUMBER: S455A
SPONSOR: YOUNG
TITLE OF BILL: An act to amend the tax law, in relation to establish-
ing a grapevine replacement personal income tax credit
PURPOSE:
This bill establishes a refundable personal income tax credit to farmers
for the cost of replacing Concord grapevines with a new grape variety.
SUMMARY OF PROVISIONS:
Section 606 of the Tax Law is amended to allow for a refundable personal
income tax credit to farmers for the cost of grapevines that are replac-
ing existing Concord grapevines, provided that the new grapevines are
not of any Concord variety.
JUSTIFICATION:
2017-S455A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
455--A
2017-2018 Regular Sessions
I N S E N A T E
(PREFILED)
January 4, 2017
___________
Introduced by Sens. YOUNG, FUNKE, RANZENHOFER -- read twice and ordered
printed, and when printed to be committed to the Committee on Investi-
gations and Government Operations -- recommitted to the Committee 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 establishing a grapevine
replacement 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) GRAPEVINE REPLACEMENT 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 REPLACEMENT OF
GRAPEVINES OF ANY CONCORD VARIETY FOR TAXABLE YEARS BEGINNING ON OR
AFTER JANUARY FIRST, TWO THOUSAND EIGHTEEN. THE AMOUNT OF THE CREDIT
SHALL BE EQUAL TO THE SUM OF THE COST OF GRAPEVINES THAT ARE PURCHASED
AND PLANTED FOR THE PURPOSE OF REPLACING GRAPEVINES OF ANY CONCORD VARI-
ETY. THIS CREDIT SHALL NOT APPLY TO GRAPEVINES OF ANY CONCORD VARIETY.
(2) APPLICATION OF CREDIT. IF THE AMOUNT OF THE CREDIT ALLOWED UNDER
THIS SUBSECTION FOR ANY TAXABLE YEARS 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.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD05935-02-8
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