Senate Bill S3065A

2015-2016 Legislative Session

Provides that excess investment tax credit amounts may be refundable to operators of a farm operation

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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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Bill Amendments

co-Sponsors

2015-S3065 - Details

Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §§210-B & 606, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: S2431
2011-2012: S784
2013-2014: S2083
2017-2018: S1446, S1738
2019-2020: S922, S4696
2021-2022: S3639
2023-2024: S1142

2015-S3065 - Summary

Provides that excess investment tax credit amounts may be refundable to operators of a farm operation.

2015-S3065 - Sponsor Memo

2015-S3065 - Bill Text download pdf

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

                                  3065

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            February 2, 2015
                               ___________

Introduced  by  Sens.  YOUNG, BONACIC -- read twice and ordered printed,
  and when printed to be committed to the  Committee  on  Investigations
  and Government Operations

AN  ACT  to  amend  the  tax  law,  in relation to providing that excess
  investment tax credit amounts may be refundable to operators of a farm
  operation

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subdivision 1 of section 210-B of the tax law is amended by
adding a new paragraph (d-1) to read as follows:
  (D-1)  NOTWITHSTANDING  ANY  OTHER  PROVISION OF THIS SUBDIVISION, FOR
TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND FIFTEEN,
IF THE CREDIT ALLOWED UNDER THIS SUBDIVISION IS GREATER THAN THE TAX DUE
IN ANY TAXABLE YEAR FOR A TAXPAYER WHOSE PRIMARY  SOURCE  OF  INCOME  IS
DERIVED  FROM  OPERATING  A  FARM  OPERATION, SUCH TAXPAYER MAY ELECT TO
TREAT THE AMOUNT BY WHICH SUCH CREDIT EXCEEDS SUCH TAX DUE AS  AN  OVER-
PAYMENT  OF  TAX  TO  BE  REFUNDED  IN ACCORDANCE WITH THE PROVISIONS OF
SECTION ONE THOUSAND EIGHTY-SIX OF THIS CHAPTER. FOR  PURPOSES  OF  THIS
PARAGRAPH, THE TERM "FARM OPERATION" SHALL HAVE THE SAME MEANING AS SUCH
TERM  IS  DEFINED  IN SUBDIVISION ELEVEN OF SECTION THREE HUNDRED ONE OF
THE AGRICULTURE AND MARKETS LAW.
  S 2. Subsection (a) of section 606 of the tax law is amended by adding
a new paragraph 5-a to read as follows:
  (5-A) NOTWITHSTANDING ANY OTHER  PROVISION  OF  THIS  SUBSECTION,  FOR
TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND FIFTEEN,
IF  THE CREDIT ALLOWED UNDER THIS SUBSECTION IS GREATER THAN THE TAX DUE
IN ANY TAXABLE YEAR FOR A TAXPAYER WHOSE PRIMARY  SOURCE  OF  INCOME  IS
DERIVED  FROM  OPERATING  A  FARM  OPERATION, SUCH TAXPAYER MAY ELECT TO
TREAT THE AMOUNT BY WHICH SUCH CREDIT EXCEEDS SUCH TAX DUE AS  AN  OVER-
PAYMENT  OF  TAX  TO  BE  REFUNDED  IN ACCORDANCE WITH THE PROVISIONS OF
SECTION SIX HUNDRED EIGHTY-SIX OF THIS ARTICLE.  FOR  PURPOSES  OF  THIS

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04209-02-5
              

co-Sponsors

2015-S3065A (ACTIVE) - Details

Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §§210-B & 606, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: S2431
2011-2012: S784
2013-2014: S2083
2017-2018: S1446, S1738
2019-2020: S922, S4696
2021-2022: S3639
2023-2024: S1142

2015-S3065A (ACTIVE) - Summary

Provides that excess investment tax credit amounts may be refundable to operators of a farm operation.

2015-S3065A (ACTIVE) - Sponsor Memo

2015-S3065A (ACTIVE) - Bill Text download pdf

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

                                 3065--A

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            February 2, 2015
                               ___________

Introduced  by  Sens.  YOUNG,  BONACIC,  CROCI, O'MARA -- read twice and
  ordered printed, and when printed to be committed to the Committee  on
  Investigations and Government Operations -- recommitted to the Commit-
  tee  on  Investigations  and  Government Operations in accordance with
  Senate Rule 6, sec. 8 -- committee discharged, bill  amended,  ordered
  reprinted as amended and recommitted to said committee

AN  ACT  to  amend  the  tax  law,  in relation to providing that excess
  investment tax credit amounts may be refundable to operators of a farm
  operation

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subdivision 1 of section 210-B of the tax law is amended by
adding a new paragraph (d-1) to read as follows:
  (D-1)  NOTWITHSTANDING  ANY  OTHER  PROVISION OF THIS SUBDIVISION, FOR
TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND SIXTEEN,
IF THE CREDIT ALLOWED UNDER THIS SUBDIVISION IS GREATER THAN THE TAX DUE
IN ANY TAXABLE YEAR FOR A TAXPAYER WHOSE PRIMARY  SOURCE  OF  INCOME  IS
DERIVED  FROM  OPERATING  A  FARM  OPERATION, SUCH TAXPAYER MAY ELECT TO
TREAT THE AMOUNT BY WHICH SUCH CREDIT EXCEEDS SUCH TAX DUE AS  AN  OVER-
PAYMENT  OF  TAX  TO  BE  REFUNDED  IN ACCORDANCE WITH THE PROVISIONS OF
SECTION ONE THOUSAND EIGHTY-SIX OF THIS CHAPTER. FOR  PURPOSES  OF  THIS
PARAGRAPH, THE TERM "FARM OPERATION" SHALL HAVE THE SAME MEANING AS SUCH
TERM  IS  DEFINED  IN SUBDIVISION ELEVEN OF SECTION THREE HUNDRED ONE OF
THE AGRICULTURE AND MARKETS LAW.
  S 2. Subsection (a) of section 606 of the tax law is amended by adding
a new paragraph 5-a to read as follows:
  (5-A) NOTWITHSTANDING ANY OTHER  PROVISION  OF  THIS  SUBSECTION,  FOR
TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND SIXTEEN,
IF  THE CREDIT ALLOWED UNDER THIS SUBSECTION IS GREATER THAN THE TAX DUE
IN ANY TAXABLE YEAR FOR A TAXPAYER WHOSE PRIMARY  SOURCE  OF  INCOME  IS
DERIVED  FROM  OPERATING  A  FARM  OPERATION, SUCH TAXPAYER MAY ELECT TO

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04209-03-6
              

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