Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 20, 2018 |
recommitted to rules |
Jun 06, 2018 |
ordered to third reading cal.1569 |
Jun 05, 2018 |
committee discharged and committed to rules |
Jan 04, 2018 |
referred to investigations and government operations |
Senate Bill S7217
2017-2018 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Rules 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, IP) 54th Senate District
2017-S7217 (ACTIVE) - Details
- Current Committee:
- Senate Rules
- Law Section:
- Tax Law
- Laws Affected:
- Add §§44 & 187-t, amd §§210-B & 606, Tax L
2017-S7217 (ACTIVE) - Sponsor Memo
BILL NUMBER: S7217 SPONSOR: RITCHIE TITLE OF BILL: An act to amend the tax law, in relation to creating a tax credit for companies that purchase New York-grown crops and use such crops in value added products PURPOSE: This bill provides tax credits for producers who base a percentage of sales on products processed from New York-grown crops. SUMMARY OF PROVISIONS: Section 1 amends the tax law by adding a section, for taxpayers subject to article nine, nine-A, or twenty-two of the tax law, creating tax credits for percentages of overall sales that are based on products generated from or using New York-grown crops. This section defines terms applicable to the tax credit, establishes reporting requirements for
2017-S7217 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7217 I N S E N A T E January 4, 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 purchase New York-grown crops and use such crops in 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. NY CROPS FOR VALUE ADDED PRODUCTS 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 NINETEEN. (B) DEFINITIONS. FOR THE PURPOSES OF THIS SECTION THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS: (1) "CROP" SHALL MEAN (I) FRUITS, INCLUDING APPLES, PEACHES, GRAPES, CHERRIES AND BERRIES, (II) VEGETABLES, INCLUDING TOMATOES, SNAP BEANS, CABBAGE, CARROTS, BEETS AND ONIONS, AND (III) POTATOES AND DRY BEANS; (2) "VALUE ADDED PRODUCT" SHALL MEAN THE INCREASE IN THE FAIR MARKET VALUE OF A PRODUCT RESULTING FROM THE PROCESSING OF SUCH PRODUCT; (3) "NET SALES" SHALL MEAN THE TOTAL SALES OF THE BUSINESS SUBJECT TO TAX. (4) "ELIGIBLE TAXPAYER" MEANS A CORPORATION (INCLUDING A NEW YORK S CORPORATION), A SOLE PROPRIETORSHIP, A LIMITED LIABILITY COMPANY OR A PARTNERSHIP. (C) THE AMOUNT OF THE CREDIT SHALL BE PROSCRIBED ACCORDING TO THE FOLLOWING SCHEDULE: EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD13926-03-7
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