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History
- Referred to investigations and government operations
- Committed to rules
- Advanced to third reading
- 2nd report cal.
- 1st report cal.865
- Reported and committed to finance
- 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.
Relates to reducing farm-based 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
BILL NUMBER:S2312
Title of bill
An act to amend the tax law, in relation to reducing farm-based taxes
Purpose
To allow farms, commercial horse boarding operations, and agricultural service providers to use their net income, in place of their gross income, for tax purposes.
Summary of provisions
Section 1 amends subparagraphs (A) and (B) of paragraph 3 of subsection (c) of section 658 of the Tax Law. Subparagraph (A) is amended to allow farms, commercial horse boarding operations or agricultural service providers 120 days after the last day of the taxable year to make payment of their required filing fee. Subparagraph (B) is amended to allow companies engaged primarily in farming, commercial horse boarding operations or agricultural service providers to use their net income as reported for federal tax purposes in place of their federal gross income.
Section 2 amends subparagraph 1 of paragraph (d) of subdivision 1 of section 210 of the Tax Law to allow corporations engaged primarily in farming, commercial horse boarding or providing agricultural services to have the term New York receipts refer to net farm income as reported for federal tax purposes.
Section 3 provides the effective date.
Justification
This bill is necessary because the current tax system uses gross income instead of net income. Gross income does not take into account the high expenses farms and other agricultural operations incur to yield their products. Only by using net income are the unusually high expenses of an agricultural business taken into account, thereby allowing a more accurate filing of their income.
Additionally, this bill will remove a few of the many onerous and burdensome requirements that are imposed on farms and agricultural businesses in New York State. By lifting a few of these requirements, farms will begin to experience some relief This will make New York State a place where farms and businesses can grow and create jobs.
Legislative history
2013-2014: S.6223/A. 8995
Fiscal implications
Minimal.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.