S T A T E   O F   N E W   Y O R K
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                                  1854

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            January 13, 2015
                               ___________

Introduced  by M. of A. GUNTHER, MAGEE, LUPARDO, COOK, SKOUFIS, BENEDET-
  TO, RAIA, CORWIN,  BLANKENBUSH,  MONTESANO,  PALUMBO,  LOPEZ,  TENNEY,
  LUPINACCI  -- Multi-Sponsored by -- M. of A. BARCLAY, CERETTO, CROUCH,
  FINCH, GIGLIO, GOODELL, HAWLEY, LAVINE,  LENTOL,  LIFTON,  McLAUGHLIN,
  RIVERA,  SALADINO,  STEC,  TITONE  --  read  once  and referred to the
  Committee on Ways and Means

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 (e-1) to read as follows:
  (E-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  TEN  HUNDRED  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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04209-01-5
              

A. 1854                             2

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
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 3. This act shall take effect immediately, and shall  be  deemed  to
have been in full force and effect on and after January 1, 2015.