senate Bill S4727B

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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Current Bill Status - Passed Senate & Assembly


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (16)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 12, 2018 returned to senate
passed assembly
ordered to third reading rules cal.96
substituted for a4772c
Jun 11, 2018 referred to ways and means
delivered to assembly
passed senate
ordered to third reading cal.1662
committee discharged and committed to rules
May 22, 2018 print number 4727b
May 22, 2018 amend and recommit to investigations and government operations
Jan 29, 2018 print number 4727a
Jan 29, 2018 amend and recommit to investigations and government operations
Jan 03, 2018 referred to investigations and government operations
May 16, 2017 reported and committed to finance
Feb 24, 2017 referred to investigations and government operations

Votes

view votes

Jun 11, 2018 - Rules committee Vote

S4727B
22
1
committee
22
Aye
1
Nay
2
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Rules committee vote details

May 16, 2017 - Investigations and Government Operations committee Vote

S4727
6
0
committee
6
Aye
0
Nay
3
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Committee Vote: May 16, 2017

aye wr (3)

Co-Sponsors

view additional co-sponsors

S4727 - Details

See Assembly Version of this Bill:
A4772C
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 2015-2016 Legislative Session:
S7094, A9636

S4727 - 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.

S4727 - Sponsor Memo

S4727 - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  4727

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                            February 24, 2017
                               ___________

Introduced  by  Sens.  SEWARD, AKSHAR, AMEDORE, FUNKE, GALLIVAN, GRIFFO,
  LITTLE, ORTT, SAVINO, SERINO,  TEDISCO,  VALESKY  --  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 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:
  S 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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08845-01-7

Co-Sponsors

view additional co-sponsors

S4727A - Details

See Assembly Version of this Bill:
A4772C
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 2015-2016 Legislative Session:
S7094, A9636

S4727A - 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.

S4727A - Sponsor Memo

S4727A - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 4727--A

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                            February 24, 2017
                               ___________

Introduced  by  Sens.  SEWARD,  AKSHAR,  AMEDORE, BONACIC, CROCI, FUNKE,
  GALLIVAN, GRIFFO, HELMING, LITTLE, MARCHIONE, O'MARA, ORTT, RANZENHOF-
  ER, RITCHIE, ROBACH, SAVINO, SERINO, TEDISCO, VALESKY  --  read  twice
  and ordered printed, and when printed to be committed to the Committee
  on  Investigations  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 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:
  S 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.
                                                           LBD08845-02-8

Co-Sponsors

view additional co-sponsors

S4727B (ACTIVE) - Details

See Assembly Version of this Bill:
A4772C
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 2015-2016 Legislative Session:
S7094, A9636

S4727B (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.

S4727B (ACTIVE) - Sponsor Memo

S4727B (ACTIVE) - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 4727--B

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                            February 24, 2017
                               ___________

Introduced  by  Sens.  SEWARD,  AKSHAR,  AMEDORE, BONACIC, CROCI, FUNKE,
  GALLIVAN, GRIFFO, HELMING, LITTLE, MARCHIONE, O'MARA, ORTT, RANZENHOF-
  ER, RITCHIE, ROBACH, SAVINO, SERINO, TEDISCO, VALESKY  --  read  twice
  and ordered printed, and when printed to be committed to the Committee
  on  Investigations  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  --
  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:
  S 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.
                                                           LBD08845-09-8

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