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Sponsors
Senator · Senate District 57
1 Co-sponsor
History
- 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.
Provides that excess investment tax credit amounts may be refundable to operators of a farm operation
In Assembly Committee · Ways And Means · Sponsor Aileen Gunther
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S784
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
To allow farmers to receive the investment tax credit as a fully refundable credit.
Summary of provisions
Section 210 of the Tax Law is amended to provide that excess investment tax credit amounts may be refundable to operators of a farm operation.
Justification
New York is home to some 38,000 farms encompassing roughly 7.8 million acres of cropland, pasture and woodlands. These farms produce nearly $3.1 billion annually 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 farm operations survive.
When farmers make long term investments in their operations they are eligible for the investment tax credit (ITC). However, unlike the agricultural school tax credit, the investment tax credit is not refundable and, thereby, of no benefit to farmers who have no taxable income. To remedy this and to assist our farmers with continuing to make investment in their agri-enterprises, this bill would allow farmers to receive the ITC as a fully refundable credit, similar to the school tax credit. By making this small change, our farmers would receive a valuable benefit that would enable them to continue to update, modernize and invest in their farms.
Legislative history
S.7164 (2006)- Referred to Senate Investigations & Operations Committee Referred to Assembly Ways & Means Committee S.2036A (2007-2008) - Passed Senate S.2431A (2009-2010) - Referred to Senate Investigations & Operations Committee
Fiscal implications
To be determined.
Effective date
Effective immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.