Assembly Bill A4227

2021-2022 Legislative Session

Relates to creating a tax credit for companies that purchase New York grown crops and use such crops in value added products

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Archive: Last Bill Status - In Assembly 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

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2021-A4227 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Add §§45 & 187-q, amd §§210-B & 606, Tax L
Versions Introduced in Other Legislative Sessions:
2017-2018: A10518
2019-2020: A5529

2021-A4227 (ACTIVE) - Summary

Creates a tax credit for companies that purchase New York-grown crops and use such crops in their value added products; such credit increases with increased net sales.

2021-A4227 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4227
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 1, 2021
                                ___________
 
 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 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 45 to read
 as follows:
   § 45. 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 TWENTY-TWO.
   (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)  FIELD  CROPS,  INCLUDING
 CORN, WHEAT, OATS, RYE, BARLEY, HAY, HOPS, 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.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07886-01-1
              

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