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Sponsors
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History
- Print number 2482a
- Amend and recommit to investigations and government operations
- Referred to investigations and government operations
- Referred to investigations and government operations
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.
Exempts farm operations from limited liability filing fees and certain business franchise taxes
In Assembly Committee · Ways And Means · Sponsor William Magee
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the tax law, in relation to limited liability company fees and business corporation franchise taxes for farms and commercial horse boarding operations
Purpose
To exempt farm operations from limited liability filing fees and certain business franchise taxes.
Summary of provisions
This legislation amends the Tax law to exempt farm operations from filing fees for limited liability (LLC) and S corporations.
Justification
In recently enacted state budgets, LLC and S corporation filing fees increases were proposed which negatively impacted farms. These fees were increased incrementally as a LLC or S corporation's total gross income, or New York receipts, reached certain thresholds.
This legislation would mitigate the financial burden from these filing fee increases for farm operations by using net farm income as reported for federal tax purposes to determine New York receipts. Because New York farms are asset-rich/cash-poor businesses, this revision more accurately reflects total income taken in by a farm operation.
Legislative history
S.8062/A.11257 (2008) - Passed Senate
Fiscal implications
Undetermined.
Effective date
Effective immediately and applicable to taxable years beginning on or after January 1, 2010.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.