|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Feb 12, 2019||referred to ways and means|
assembly Bill A5434
Current Bill Status - In Assembly Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
A5434 (ACTIVE) - Details
A5434 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5434 2019-2020 Regular Sessions I N A S S E M B L Y February 12, 2019 ___________ Introduced by M. of A. SALKA -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to farm savings accounts 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. FARM SAVINGS ACCOUNTS. 1. DEFINITIONS. (A) QUALIFIED FARMER. FOR PURPOSES OF THIS SECTION, THE TERM "QUALIFIED FARMER" MEANS, WITH RESPECT TO ANY TAXABLE YEAR, ANY INDIVIDUAL WHO, DURING SUCH YEAR, WAS ENGAGED IN THE TRADE OR BUSINESS OF FARMING. (B) FARM SAVINGS ACCOUNT. FOR PURPOSES OF THIS SECTION, THE TERM "FARM SAVINGS ACCOUNT" MEANS A TRUST CREATED OR ORGANIZED IN THE UNITED STATES AS A FARM SAVINGS ACCOUNT EXCLUSIVELY FOR THE PURPOSE OF MAKING QUALI- FIED DISTRIBUTIONS FOR PURPOSES OF FARM SUSTAINABILITY, BUT ONLY IF THE WRITTEN GOVERNING INSTRUMENT CREATING THE TRUST MEETS THE FOLLOWING REQUIREMENTS: (I) NO CONTRIBUTION WILL BE ACCEPTED UNLESS IT IS IN CASH. (II) THE TRUSTEE IS A BANK, CREDIT UNION OR OTHER APPROPRIATE INSTITU- TION THAT DEMONSTRATES ADMINISTRATION OF THE TRUST IN A MANNER THAT IS CONSISTENT WITH THE REQUIREMENTS OF THIS SECTION. (III) THE ASSETS OF THE TRUST WILL NOT BE COMMINGLED WITH OTHER PROP- ERTY EXCEPT IN A COMMON TRUST FUND OR COMMON INVESTMENT FUND. (IV) THE INTEREST OF AN INDIVIDUAL IN THE BALANCE IN HIS OR HER ACCOUNT IS NONFORFEITABLE. (C) QUALIFIED DISTRIBUTION. THE TERM "QUALIFIED DISTRIBUTION" MEANS ANY AMOUNT PAID FROM A FARM SAVINGS ACCOUNT TO THE ACCOUNT BENEFICIARY EXCLUSIVELY FOR PURPOSES OF FARM SUSTAINABILITY. (D) ACCOUNT BENEFICIARY. THE TERM "ACCOUNT BENEFICIARY" MEANS THE INDIVIDUAL OR BUSINESS ON WHOSE BEHALF THE FARM SAVINGS ACCOUNT WAS ESTABLISHED. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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