What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
Senator · Senate District 57
History
- Print number 2684a
- Amend and recommit to investigations and government operations
- Referred to investigations and government operations
- Referred to investigations and government operations
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S2684A
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
2011,2012: S.846 Referred to Investigations and Government Operations 2009,2010: S.2482A/A.5954A Referred to Investigations and Government Operations 2008: S.8062/A.11257 Passed Senate
Fiscal implications
Undetermined.
Effective date
Effective immediately and applicable to taxable years beginning on or after January 1, 2014.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.