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
2 Co-sponsors
History
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 56–2
- Ordered to third reading cal.150
- Referred to rules
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 the tax treatment of farm income of certain farm business taxpayers
In Assembly Committee · Ways And Means · Sponsor William Magee
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 the tax treatment of farm income of certain farm business taxpayers
Purpose
Increases the personal income tax exemption currently available to farm businesses from 5 percent to 20 percent for farm income; Eliminates the current employee qualification and raises the income eligibility threshold from $250,000 in farm income to $350,000 in farm income.
Summary of provisions
Section one amends the Personal Income Tax, Section 612 of the Tax Law to increase the exemption of farm income from 5 percent to 20 percent for farm businesses (sole proprietors, LLCs, partnerships and S-corporations) and raises the farm income eligibility from $250,000 to $350,000. There is no employment requirement for farm businesses to receive this exemption.
Section two is the effective date.
Justification
New York's family farms are struggling to maintain their viability with ever increasing costs and market pressures from outside of the state.Reducing the cost of doing business will help New York's farm economy grow and remain competitive.
The FY 2014 Enacted Budget included a Senate sponsored Personal Income Tax exemption for small businesses and small farms. The exemption is equal to five percent of net income in 2016 and beyond.To qualify, the business must be a sole proprietor or farm (regardless of how the business is structured, sole proprietor, LLC, etc.), have less than $250,000 in net business income and employ at least one employee.
This increase in the exemption will build on the progress we have already made and will help New York's family farms remain an integral part of the State's economy for generations to come.
Legislative history
New bill
Fiscal implications
This bill will reduce personal income taxes for farmers by $5 million annually, beginning in SFY 2017-18.
Effective date
This act shall take effect immediately and shall apply to taxable years beginning on or after January 1, 2017.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.