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S3073Senate2015-2016 Session

Establishes a credit against the franchise tax on business corporations for the cost of replacing concord grapevines by a farm

Sponsor Catharine YoungSD-57+1 co-sponsorAffects Legal
Status
In Senate Committee
Investigations And Government Operations
Impact
Pending
Passage
Pending

Bill progress

Step 2 of 7

In committee · Investigations And Government Operations

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Who cares

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Sponsors

Primary sponsor
Catharine Young

Senator · Senate District 57

Chair, Housing, Construction And Community Development

History

  1. Print number 3073a
  2. Amend and recommit to investigations and government operations
  3. Referred to investigations and government operations
  4. Referred to investigations and government operations

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 establishing a grapevine replacement franchise tax on business corporations credit

Purpose

This bill creates a refundable credit against the franchise tax on farm business corporations for the cost of replacing Concord grapevines with a new grape variety.

Summary of provisions

Section 210-B of the Tax Law is amended to allow for a refundable franchise tax credit to farm business corporations for the cost of grapevines that are replacing existing Concord grapevines, provided that the new grapevines are not of any Concord variety.

Justification

This legislation was created to encourage the planting of new grape varieties in response to New York's evolving grape and wine market. Many New York grape producers have built their businesses on the native Concord grape which is used in juices, jellies and other food products. Concord grape growers are currently experiencing a severe glut in national grape juice concentrate markets, due to overproduction in California, and are seeking innovative ways to continue farming. With a growing interest and national demand for New York wines, grape growers are turning to vinifera grapes and other high-quality hybrid varieties which offer consistent fruit quality and production. This legislation provides an incentive for farms to pursue this costly but worthwhile investment to help diversify grape acreage and remain competitive in the global marketplace.

Legislative history

2015: S.3073 Referred to Investigations & Government Operations 2013,2014: S.2683-A Referred to Investigations & Government Operations 2011,2012: S.849 Referred to Investigations & Government Operations 2009,2010: S.2439 Referred to Investigations & Government Operations 2007,2008: S.4512 Referred to Investigations & Government Operations 2006:S.7236/A.11540 Referred to Investigations & Government Operations

Fiscal implications

Undetermined at this time.

Effective date

Effective immediately.

Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.