assembly Bill A5434

2019-2020 Legislative Session

Establishes a farm savings account program

download bill text pdf

Sponsored By

Current Bill Status - In Assembly Committee


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

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Actions

view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Feb 12, 2019 referred to ways and means

Co-Sponsors

A5434 (ACTIVE) - Details

Law Section:
Tax Law
Laws Affected:
Add §44, amd §§612, 209 & 601, Tax L
Versions Introduced in Other Legislative Sessions:
2013-2014: A5583
2015-2016: A7085
2017-2018: A4840

A5434 (ACTIVE) - Summary

Establishes a farm savings account program.

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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