Assembly Bill A4772C

Vetoed By Governor
2017-2018 Legislative Session

Relates to providing insurance corporations with a tax credit for investments made in rural business growth funds; establishes the New York agriculture and rural jobs fund

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Archive: Last Bill Status Via S4727 - Vetoed by Governor


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Vetoed By Governor
  • Signed By Governor

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Votes

Bill Amendments

co-Sponsors

multi-Sponsors

2017-A4772 - Details

See Senate Version of this Bill:
S4727
Law Section:
Tax Law
Laws Affected:
Add §§44 & 187-q, amd §§1511 & 210-B, Tax L; add §99-ee, St Fin L
Versions Introduced in Other Legislative Sessions:
2015-2016: A9636, S7094
2019-2020: A6505, S4642
2021-2022: A2552, S5153

2017-A4772 - Summary

Relates to providing insurance corporations with a tax credit for investments made in rural business growth funds; establishes the New York agriculture and rural jobs fund.

2017-A4772 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4772
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 3, 2017
                                ___________
 
 Introduced  by M. of A. WOERNER -- read once and referred to the Commit-
   tee on Ways and Means
 
 AN ACT to amend the tax law, in relation to providing  insurance  corpo-
   rations  with  a  tax  credit  for  investments made in rural business
   growth funds; and to amend the  state  finance  law,  in  relation  to
   establishing the New York agriculture and rural jobs fund
 
   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. NEW YORK AGRICULTURE AND RURAL JOBS CREDIT. (A) DEFINITIONS. FOR
 THE PURPOSE OF THIS SECTION THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING
 MEANINGS:
   (1)  "AFFILIATE"  MEANS  A PERSON THAT DIRECTLY, OR INDIRECTLY THROUGH
 ONE OR MORE INTERMEDIARIES, CONTROLS, IS  CONTROLLED  BY,  OR  IS  UNDER
 COMMON CONTROL WITH ANOTHER PERSON. FOR THE PURPOSES OF THIS DIVISION, A
 PERSON  IS  "CONTROLLED  BY"  ANOTHER  PERSON  IF THE CONTROLLING PERSON
 HOLDS, DIRECTLY OR INDIRECTLY, THE MAJORITY VOTING OR OWNERSHIP INTEREST
 IN THE CONTROLLED PERSON OR HAS CONTROL OVER THE  DAY-TO-DAY  OPERATIONS
 OF THE CONTROLLED PERSON BY CONTRACT OR BY LAW.
   (2)  "CLOSING  DATE"  MEANS  THE DATE ON WHICH A RURAL BUSINESS GROWTH
 FUND HAS COLLECTED ALL OF THE AMOUNTS SPECIFIED BY SUBPARAGRAPHS (A) AND
 (B) OF PARAGRAPH SEVEN OF SUBDIVISION (B) OF THIS SECTION.
   (3) "CREDIT-ELIGIBLE CAPITAL CONTRIBUTION" MEANS AN INVESTMENT OF CASH
 BY A PERSON IN A RURAL BUSINESS GROWTH FUND THAT EQUALS THE AMOUNT SPEC-
 IFIED ON A TAX CREDIT CERTIFICATE ISSUED BY THE DEPARTMENT UNDER SUBPAR-
 AGRAPH (B) OF PARAGRAPH SIX OF SUBDIVISION (B) OF  THIS  SECTION.    THE
 INVESTMENT  SHALL  PURCHASE  AN  EQUITY  INTEREST  IN THE RURAL BUSINESS
 GROWTH FUND OR PURCHASE, AT PAR VALUE  OR  PREMIUM,  A  DEBT  INSTRUMENT
 ISSUED  BY  THE RURAL GROWTH FUND THAT MEETS ALL OF THE FOLLOWING CRITE-
 RIA:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

co-Sponsors

multi-Sponsors

2017-A4772A - Details

See Senate Version of this Bill:
S4727
Law Section:
Tax Law
Laws Affected:
Add §§44 & 187-q, amd §§1511 & 210-B, Tax L; add §99-ee, St Fin L
Versions Introduced in Other Legislative Sessions:
2015-2016: A9636, S7094
2019-2020: A6505, S4642
2021-2022: A2552, S5153

2017-A4772A - Summary

Relates to providing insurance corporations with a tax credit for investments made in rural business growth funds; establishes the New York agriculture and rural jobs fund.

2017-A4772A - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  4772--A
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 3, 2017
                                ___________
 
 Introduced  by M. of A. WOERNER, ORTIZ, LUPARDO, PEOPLES-STOKES, HAWLEY,
   BRINDISI,  PALMESANO,  JENNE,  STEC,  STIRPE,  BLANKENBUSH,  JONES  --
   Multi-Sponsored by -- M. of A. GIGLIO, MAGEE -- read once and referred
   to  the Committee on Ways and Means -- recommitted to the Committee on
   Ways and Means in accordance with Assembly Rule 3, sec. 2 -- committee
   discharged, bill amended, ordered reprinted as amended and recommitted
   to said committee
 
 AN ACT to amend the tax law, in relation to providing  insurance  corpo-
   rations  with  a  tax  credit  for  investments made in rural business
   growth funds; and to amend the  state  finance  law,  in  relation  to
   establishing the New York agriculture and rural jobs fund
 
   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. NEW YORK AGRICULTURE AND RURAL JOBS CREDIT. (A) DEFINITIONS. FOR
 THE PURPOSE OF THIS SECTION THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING
 MEANINGS:
   (1)  "AFFILIATE"  MEANS  A PERSON THAT DIRECTLY, OR INDIRECTLY THROUGH
 ONE OR MORE INTERMEDIARIES, CONTROLS, IS  CONTROLLED  BY,  OR  IS  UNDER
 COMMON CONTROL WITH ANOTHER PERSON. FOR THE PURPOSES OF THIS DIVISION, A
 PERSON  IS  "CONTROLLED  BY"  ANOTHER  PERSON  IF THE CONTROLLING PERSON
 HOLDS, DIRECTLY OR INDIRECTLY, THE MAJORITY VOTING OR OWNERSHIP INTEREST
 IN THE CONTROLLED PERSON OR HAS CONTROL OVER THE  DAY-TO-DAY  OPERATIONS
 OF THE CONTROLLED PERSON BY CONTRACT OR BY LAW.
   (2)  "CLOSING  DATE"  MEANS  THE DATE ON WHICH A RURAL BUSINESS GROWTH
 FUND HAS COLLECTED ALL OF THE AMOUNTS SPECIFIED BY SUBPARAGRAPHS (A) AND
 (B) OF PARAGRAPH SEVEN OF SUBDIVISION (B) OF THIS SECTION.
   (3) "CREDIT-ELIGIBLE CAPITAL CONTRIBUTION" MEANS AN INVESTMENT OF CASH
 BY A PERSON IN A RURAL BUSINESS GROWTH FUND THAT EQUALS THE AMOUNT SPEC-
 IFIED ON A TAX CREDIT CERTIFICATE ISSUED BY THE DEPARTMENT UNDER SUBPAR-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

co-Sponsors

multi-Sponsors

2017-A4772B - Details

See Senate Version of this Bill:
S4727
Law Section:
Tax Law
Laws Affected:
Add §§44 & 187-q, amd §§1511 & 210-B, Tax L; add §99-ee, St Fin L
Versions Introduced in Other Legislative Sessions:
2015-2016: A9636, S7094
2019-2020: A6505, S4642
2021-2022: A2552, S5153

2017-A4772B - Summary

Relates to providing insurance corporations with a tax credit for investments made in rural business growth funds; establishes the New York agriculture and rural jobs fund.

2017-A4772B - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  4772--B
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 3, 2017
                                ___________
 
 Introduced  by M. of A. WOERNER, ORTIZ, LUPARDO, PEOPLES-STOKES, HAWLEY,
   BRINDISI, PALMESANO, JENNE, STEC, STIRPE, BLANKENBUSH, JONES, MAGEE --
   Multi-Sponsored by -- M. of A. GIGLIO -- read once and referred to the
   Committee on Ways and Means -- recommitted to the  Committee  on  Ways
   and  Means  in  accordance  with  Assembly Rule 3, sec. 2 -- committee
   discharged, bill amended, ordered reprinted as amended and recommitted
   to said committee -- again reported from said  committee  with  amend-
   ments, ordered reprinted as amended and recommitted to said committee
 
 AN  ACT  to amend the tax law, in relation to providing insurance corpo-
   rations with a tax credit  for  investments  made  in  rural  business
   growth  funds;  and  to  amend  the  state finance law, in relation to
   establishing the New York agriculture and rural jobs fund
 
   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. NEW YORK AGRICULTURE AND RURAL JOBS CREDIT. (A) DEFINITIONS. FOR
 THE PURPOSE OF THIS SECTION THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING
 MEANINGS:
   (1) "AFFILIATE" MEANS A PERSON THAT DIRECTLY,  OR  INDIRECTLY  THROUGH
 ONE  OR  MORE  INTERMEDIARIES,  CONTROLS,  IS CONTROLLED BY, OR IS UNDER
 COMMON CONTROL WITH ANOTHER PERSON. FOR THE PURPOSES OF THIS DIVISION, A
 PERSON IS "CONTROLLED BY"  ANOTHER  PERSON  IF  THE  CONTROLLING  PERSON
 HOLDS, DIRECTLY OR INDIRECTLY, THE MAJORITY VOTING OR OWNERSHIP INTEREST
 IN  THE  CONTROLLED PERSON OR HAS CONTROL OVER THE DAY-TO-DAY OPERATIONS
 OF THE CONTROLLED PERSON BY CONTRACT OR BY LAW.
   (2) "CLOSING DATE" MEANS THE DATE ON WHICH  A  RURAL  BUSINESS  GROWTH
 FUND HAS COLLECTED ALL OF THE AMOUNTS SPECIFIED BY SUBPARAGRAPHS (A) AND
 (B) OF PARAGRAPH SEVEN OF SUBDIVISION (B) OF THIS SECTION.
   (3) "CREDIT-ELIGIBLE CAPITAL CONTRIBUTION" MEANS AN INVESTMENT OF CASH
 BY A PERSON IN A RURAL BUSINESS GROWTH FUND THAT EQUALS THE AMOUNT SPEC-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

co-Sponsors

multi-Sponsors

2017-A4772C (ACTIVE) - Details

See Senate Version of this Bill:
S4727
Law Section:
Tax Law
Laws Affected:
Add §§44 & 187-q, amd §§1511 & 210-B, Tax L; add §99-ee, St Fin L
Versions Introduced in Other Legislative Sessions:
2015-2016: A9636, S7094
2019-2020: A6505, S4642
2021-2022: A2552, S5153

2017-A4772C (ACTIVE) - Summary

Relates to providing insurance corporations with a tax credit for investments made in rural business growth funds; establishes the New York agriculture and rural jobs fund.

2017-A4772C (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  4772--C
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 3, 2017
                                ___________
 
 Introduced  by M. of A. WOERNER, ORTIZ, LUPARDO, PEOPLES-STOKES, HAWLEY,
   BRINDISI, PALMESANO, JENNE, STEC, STIRPE, BLANKENBUSH,  JONES,  MAGEE,
   SANTABARBARA -- Multi-Sponsored by -- M. of A. GIGLIO -- read once and
   referred  to  the  Committee  on  Ways and Means -- recommitted to the
   Committee on Ways and Means in accordance with Assembly Rule 3, sec. 2
   -- committee discharged, bill amended, ordered  reprinted  as  amended
   and  recommitted to said committee -- again reported from said commit-
   tee with amendments, ordered reprinted as amended and  recommitted  to
   said  committee -- again reported from said committee with amendments,
   ordered reprinted as amended and recommitted to said committee
 
 AN ACT to amend the tax law, in relation to providing  insurance  corpo-
   rations  with  a  tax  credit  for  investments made in rural business
   growth funds; and to amend the  state  finance  law,  in  relation  to
   establishing the New York agriculture and rural jobs fund
 
   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. NEW YORK AGRICULTURE AND RURAL JOBS CREDIT. (A) DEFINITIONS. FOR
 THE PURPOSE OF THIS SECTION THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING
 MEANINGS:
   (1)  "AFFILIATE"  MEANS  A PERSON THAT DIRECTLY, OR INDIRECTLY THROUGH
 ONE OR MORE INTERMEDIARIES, CONTROLS, IS  CONTROLLED  BY,  OR  IS  UNDER
 COMMON CONTROL WITH ANOTHER PERSON. FOR THE PURPOSES OF THIS DIVISION, A
 PERSON  IS  "CONTROLLED  BY"  ANOTHER  PERSON  IF THE CONTROLLING PERSON
 HOLDS, DIRECTLY OR INDIRECTLY, THE MAJORITY VOTING OR OWNERSHIP INTEREST
 IN THE CONTROLLED PERSON OR HAS CONTROL OVER THE  DAY-TO-DAY  OPERATIONS
 OF THE CONTROLLED PERSON BY CONTRACT OR BY LAW.
   (2)  "CLOSING  DATE"  MEANS  THE DATE ON WHICH A RURAL BUSINESS GROWTH
 FUND HAS COLLECTED ALL OF THE AMOUNTS SPECIFIED BY SUBPARAGRAPHS (A) AND
 (B) OF PARAGRAPH SEVEN OF SUBDIVISION (B) OF THIS SECTION.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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