Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 23, 2014 |
print number 4387a |
Jan 23, 2014 |
amend and recommit to investigations and government operations |
Jan 08, 2014 |
referred to investigations and government operations |
Mar 26, 2013 |
referred to investigations and government operations |
Senate Bill S4387A
2013-2014 Legislative Session
Sponsored By
(R, C, IP) Senate District
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
Actions
Bill Amendments
co-Sponsors
(R, C) 58th Senate District
(R, C, IP) Senate District
(D, IP) Senate District
2013-S4387 - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §§208, 210, 606 & 612, Tax L
- Versions Introduced in Other Legislative Sessions:
-
2011-2012:
S6598
2015-2016: S1664
2013-S4387 - Sponsor Memo
BILL NUMBER:S4387 TITLE OF BILL: An act to amend the tax law, in relation to establishing a business franchise and personal income tax credit for natural resources improvement projects upon farmlands and forestlands PURPOSE: This bill provides business franchise and personal income tax credits for expenses of natural resource improvement projects on farmlands and forestlands. SUMMARY OF PROVISIONS: Section 1 adds a new paragraph (r) to subdivision 9, section 208 of the tax law, to provide that any natural resource improvement credit must be deducted from the taxpayer's total net income, or total gross income, on their federal income tax return. Section 2 through 4 amends the tax law to provide for the allowance of a natural resource improvement credit after January 1, 2013 of 25% of eligible expenditures, up to $50,000, to farmland entitled to an agricultural assessment under article twenty-five-AA of the agriculture and markets law or forestland entitled to a forest assessment under section four hundred eighty-a of the real property tax law during that taxable year. Eligible expenditures include architectural, archeological, geological
2013-S4387 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4387 2013-2014 Regular Sessions I N S E N A T E March 26, 2013 ___________ Introduced by Sen. YOUNG -- (at request of the Legislative Commission on Rural Resources) -- 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 establishing a business franchise and personal income tax credit for natural resources improvement projects upon farmlands and forestlands THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 9 of section 208 of the tax law is amended by adding a new paragraph (r) to read as follows: (R) IN THE EVENT THE TAXPAYER CLAIMS THE NATURAL RESOURCE IMPROVEMENT CREDIT FOR FARMLANDS AND FORESTLANDS ESTABLISHED PURSUANT TO SUBDIVISION FORTY-SIX OF SECTION TWO HUNDRED TEN OF THIS ARTICLE, ENTIRE NET INCOME SHALL BE INCREASED BY THE AMOUNT OF ANY EXPENDITURES DEFINED IN INTERNAL REVENUE CODE SECTION 175(C)(1) THAT THE TAXPAYER DEDUCTED FROM ITS TOTAL NET INCOME ON ITS FEDERAL TAX RETURN FOR THE TAX YEAR. S 2. Section 210 of the tax law is amended by adding a new subdivision 46 to read as follows: 46. NATURAL RESOURCE IMPROVEMENT CREDIT FOR FARMLANDS AND FORESTLANDS. (A) ALLOWANCE OF CREDIT. FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND THIRTEEN, A TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE IN AN AMOUNT EQUAL TO TWENTY-FIVE PERCENT OF THE TAXPAYER'S ELIGIBLE EXPENDITURES DURING THE TAX YEAR FOR A NATURAL RESOURCES IMPROVEMENT PROJECT. PROVIDED, HOWEVER, THAT THE CREDIT GRANTED FOR ANY NATURAL RESOURCE IMPROVEMENT PROJECT PURSUANT TO THIS SUBDIVISION SHALL NOT EXCEED FIFTY THOUSAND DOLLARS. (B) DEFINITIONS. FOR THE PURPOSES OF THIS SUBDIVISION, THE FOLLOWING DEFINITIONS SHALL APPLY: (1) "ELIGIBLE EXPENDITURES" SHALL MEAN FEES FOR ARCHITECTURAL, ARCHEO- LOGICAL, GEOLOGICAL AND ENGINEERING SERVICES; THE COSTS OF DEVELOPING EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD02530-03-3
co-Sponsors
(R, C) 58th Senate District
(R, C, IP) Senate District
(D, IP) Senate District
2013-S4387A (ACTIVE) - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §§208, 210, 606 & 612, Tax L
- Versions Introduced in Other Legislative Sessions:
-
2011-2012:
S6598
2015-2016: S1664
2013-S4387A (ACTIVE) - Sponsor Memo
BILL NUMBER:S4387A TITLE OF BILL: An act to amend the tax law, in relation to establishing a business franchise and personal income tax credit for natural resources improvement projects upon farmlands and forestlands PURPOSE: This bill provides business franchise and personal income tax credits for expenses of natural resource improvement projects on farmlands and forestlands. SUMMARY OF PROVISIONS: Section 1 adds a new paragraph (r) to subdivision 9, section 208 of the tax law, to provide that any natural resource improvement credit must be deducted from the taxpayer's total net income, or total gross income, on their federal income tax return. Section 2 through 4 amends the tax law to provide for the allowance of a natural resource improvement credit after January 1, 2015 of 25% of eligible expenditures, up to $50,000, to farmland entitled to an agricultural assessment under article twenty-five-AA of the agriculture and markets law or forestland entitled to a forest assessment under section four hundred eighty-a of the real property tax law during that taxable year.
2013-S4387A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4387--A 2013-2014 Regular Sessions I N S E N A T E March 26, 2013 ___________ Introduced by Sens. YOUNG, O'MARA, RITCHIE, VALESKY -- (at request of the Legislative Commission on Rural Resources) -- 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 establishing a business franchise and personal income tax credit for natural resources improvement projects upon farmlands and forestlands THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 9 of section 208 of the tax law is amended by adding a new paragraph (r) to read as follows: (R) IN THE EVENT THE TAXPAYER CLAIMS THE NATURAL RESOURCE IMPROVEMENT CREDIT FOR FARMLANDS AND FORESTLANDS ESTABLISHED PURSUANT TO SUBDIVISION FORTY-EIGHT OF SECTION TWO HUNDRED TEN OF THIS ARTICLE, ENTIRE NET INCOME SHALL BE INCREASED BY THE AMOUNT OF ANY EXPENDITURES DEFINED IN INTERNAL REVENUE CODE SECTION 175(C)(1) THAT THE TAXPAYER DEDUCTED FROM ITS TOTAL NET INCOME ON ITS FEDERAL TAX RETURN FOR THE TAX YEAR. S 2. Section 210 of the tax law is amended by adding a new subdivision 48 to read as follows: 48. NATURAL RESOURCE IMPROVEMENT CREDIT FOR FARMLANDS AND FORESTLANDS. (A) ALLOWANCE OF CREDIT. FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND FIFTEEN, A TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE IN AN AMOUNT EQUAL TO TWENTY-FIVE PERCENT OF THE TAXPAYER'S ELIGIBLE EXPENDITURES DURING THE TAX YEAR FOR A NATURAL RESOURCES IMPROVEMENT PROJECT. PROVIDED, HOWEVER, THAT THE CREDIT GRANTED FOR ANY NATURAL RESOURCE IMPROVEMENT PROJECT PURSUANT TO THIS SUBDIVISION SHALL NOT EXCEED FIFTY THOUSAND DOLLARS. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD02530-04-4
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