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Who cares
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Sponsors
7 Co-sponsors
22 Multi-sponsors
History
- Print number 1088a
- Amend and recommit to ways and means
- Referred to ways and means
- Referred to ways and means
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Provides that excess investment tax credit amounts may be refundable to operators of a farm operation
In Senate Committee · Investigations And Government Operations · Sponsor Catharine Young
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:A1088A
Title of bill
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
Purpose or general idea of bill
To allow farmers to receive the invest- ment tax credit as a fully refundable credit.
Summary of specific provisions
Amends the tax law to provide that, as it applies to farm operations, the investment tax credit shall become a refundable credit.
Justification
This state is home to some 38,000 farms encompassing roughly 7.8 million acres of cropland, pasture and woodlands from Erie County to Suffolk County. These farms produce nearly $3.1 billion annu- ally in direct economic output and probably double or triple that in indirect economic benefits with the farming and food industry employing over 425,000 people. Given the enormous economic impact that agriculture has on the economy of this state we must do everything we can to ensure that our farmers survive.
As part of that, when farmers make long term investments in their oper- ations they are, often times, eligible for the investment tax credit (ITC). As it currently stands, however, unlike the agricultural school tax credit, the investment tax credit is not refundable - so if you have no taxable income, you cannot receive the benefit of the ITC. To remedy this and to assist our farmers with continuing to make investment in their agri-enterprises, this bill would simply provide that farmers could receive the ITC as a fully refundable credit just as they do the school tax credit. By making this small change our farmers, overall, could receive a large and needed benefit that would enable them to continue to update, modernize and invest in their farms.
Prior legislative history
2007-2008; A1233 Died Assembly Ways & Means 2006: A9297 Assembly Ways and Means
Fiscal implications
EFFECTIVE DATE: Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.