Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 06, 2018 |
referred to ways and means delivered to assembly passed senate ordered to third reading cal.1589 |
Jun 05, 2018 |
committee discharged and committed to rules |
Mar 05, 2018 |
referred to investigations and government operations |
Senate Bill S7851
2017-2018 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Assembly 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
co-Sponsors
(R, C) 60th Senate District
2017-S7851 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A10268
- Current Committee:
- Assembly Ways And Means
- Law Section:
- Tax Law
- Laws Affected:
- Add §§44 & 187-q, amd §§210-B & 606, Tax L
2017-S7851 (ACTIVE) - Sponsor Memo
BILL NUMBER: S7851 SPONSOR: RITCHIE TITLE OF BILL: An act to amend the tax law, in relation to creating a tax credit for companies that invest in certain dairy equipment and use such equipment to produce value added products PURPOSE: To create a tax credit for companies that invest in certain dairy equip- ment and use that equipment to produce value added dairy products SUMMARY OF PROVISIONS: Sections one through five amend the tax law to provide a value added diary investment tax credit. Section six provides the effective date. EXISTING LAW:
2017-S7851 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7851 I N S E N A T E March 5, 2018 ___________ Introduced by Sen. RITCHIE -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations AN ACT to amend the tax law, in relation to creating a tax credit for companies that invest in certain dairy equipment and use such equip- ment to produce value added products 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. VALUE ADDED DAIRY INVESTMENT TAX CREDIT. (A) GENERAL. A TAXPAYER SUBJECT TO TAX UNDER ARTICLE NINE, NINE-A OR TWENTY-TWO OF THIS CHAPTER SHALL BE ALLOWED A CREDIT AGAINST SUCH TAX PURSUANT TO THE PROVISIONS REFERENCED IN SUBDIVISION (E) OF THIS SECTION, HOWEVER, THE UNUSED PORTION OF ANY TAX CREDIT CLAIMED SHALL NOT BE CARRIED FORWARD AND APPLIED IN ANOTHER TAX YEAR. THE TAX CREDIT ALLOWED PURSUANT TO THIS SECTION SHALL APPLY TO TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND EIGHTEEN. (B) DEFINITIONS. FOR THE PURPOSES OF THIS SECTION THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS: (1) "DAIRY PRODUCT" SHALL MEAN DAIRY BEVERAGES, CHEESE, YOGURT, FROZEN DAIRY PRODUCTS OR ANY ADDITIONAL PRODUCT ADDED BY REGULATION BY THE COMMISSIONER, IN CONSULTATION WITH THE COMMISSIONER OF AGRICULTURE AND MARKETS, THAT CONTAINS MILK; (2) "VALUE ADDED DAIRY PRODUCT" SHALL MEAN THE INCREASE IN THE FAIR MARKET VALUE OF A DAIRY PRODUCT RESULTING FROM THE PROCESSING OF SUCH INTO A FLAVORED OR ENHANCED DAIRY PRODUCT PROCESSED WHOLLY WITHIN THE STATE; (3) "FARM BUSINESS" SHALL MEAN (I) A BUSINESS WITH FARM RELATED INCOME OF AT LEAST ONE THOUSAND DOLLARS IN ONE OF THE LAST THREE YEARS; OR (II) A NEW BUSINESS WITH FARM RELATED INCOME; (4) "ELIGIBLE EXPENSES" SHALL MEAN TOOLS, EQUIPMENT AND SUPPLIES FOR THE MANUFACTURING AND PACKAGING OF VALUE ADDED DAIRY PRODUCTS; AND (5) "ELIGIBLE TAXPAYER" MEANS A CORPORATION (INCLUDING A NEW YORK S CORPORATION), A SOLE PROPRIETORSHIP, A LIMITED LIABILITY COMPANY OR A PARTNERSHIP.
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