assembly Bill A6505A

2019-2020 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 - 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 (4)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2020 referred to ways and means
Mar 12, 2019 print number 6505a
Mar 12, 2019 amend and recommit to ways and means
Mar 08, 2019 referred to ways and means

A6505 - Details

See Senate Version of this Bill:
S4642
Law Section:
Tax Law
Laws Affected:
Add §§44 & 187-q, amd §§1511 & 210-B, Tax L; add §99-ff, St Fin L
Versions Introduced in Other Legislative Sessions:
2015-2016: A9636, S7094
2017-2018: A4772, S4727
2021-2022: A2552, S5153

A6505 - 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.

A6505 - Bill Text download pdf


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

                                  6505

                       2019-2020 Regular Sessions

                          I N  A S S E M B L Y

                              March 8, 2019
                               ___________

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 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 SUBDIVI-
SION, 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

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Multi-Sponsors

A6505A (ACTIVE) - Details

See Senate Version of this Bill:
S4642
Law Section:
Tax Law
Laws Affected:
Add §§44 & 187-q, amd §§1511 & 210-B, Tax L; add §99-ff, St Fin L
Versions Introduced in Other Legislative Sessions:
2015-2016: A9636, S7094
2017-2018: A4772, S4727
2021-2022: A2552, S5153

A6505A (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.

A6505A (ACTIVE) - Bill Text download pdf


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

                                 6505--A

                       2019-2020 Regular Sessions

                          I N  A S S E M B L Y

                              March 8, 2019
                               ___________

Introduced  by M. of A. WOERNER -- read once and referred to the Commit-
  tee on Ways and Means -- 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  SUBDIVI-
SION,  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.
                                                           LBD01212-04-9