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Sponsors
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History
- Print number 4740a
- 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
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 or general idea of bill
To allow farmers to receive the investment tax credit as a fully refundable credit.
Summary of specific provisions
Amends the tax law to provide that, as it applies to farm operations, the investment tax credit shall become a refundable credit.
Justification
This state is home to some 38,000 farms encompassing roughly 7.8 million acres of cropland, pasture and woodlands from Erie County to Suffolk County. 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 farmers survive.
As part of that, when farmers make long term investments in their operations they are, often times, eligible for the investment tax credit (ITC). As it currently stands, however, unlike the agricultural school tax credit, the investment tax credit is not refundable - so if a farmer has no taxable income, he or she cannot receive the benefit of the ITC. To remedy this and to assist our farmers with continuing to make investment in their agri-enterprises, this bill would simply provide that farmers could receive the ITC as a fully refundable credit just as they do the school tax credit. By making this small change our farmers, overall, could receive a large and needed benefit that would enable them to continue to update, modernize and invest in their farms.
Prior legislative history
2013-14: A1620 referred to Ways & Means 2011-12: A386 referred to Ways & Means/5784 referred to Government Oper- ations 2009-10: A1088A referred to Ways & Means/S2431A referred to Government Operations 2007-08: A1233B referred to Ways & Means/S2036A passed Senate 2005-05: A9297 referred to Ways & Means/S7164 referred to Government Operations
Fiscal implications
To be determined.
Effective date
This act shall take effect immediately, and shall be deemed to have been in full force and effect on and after January 1, 2016.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.