What's happening
This bill creates a personal income tax credit for New York farmers who suffer crop losses due to frost injury.
Why it matters
Targets farmers whose primary income is from farming. The credit is only available to those whose federal gross income from farming is at least two-thirds of their total gross income, ensuring the benefit is focused on those most dependent on agriculture.
Provides substantial financial relief. The credit equals 35% of the average value of affected crops (as determined by USDA statistics) multiplied by the acreage impacted, helping to offset significant losses from frost injury and potentially stabilizing farm finances after a bad season.
Covers a broad range of key crops. Eligible crops include major New York fruits (like apples and grapes), vegetables (such as tomatoes, cabbage, and onions), potatoes, and dry beans—reflecting the state’s agricultural diversity and supporting many types of farms.
Refundable credit offers flexibility. If the credit exceeds the farmer’s tax liability, the excess amount is refunded (with no interest), ensuring that even farmers with little or no taxable income can still benefit from the program.
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Tax Credit for Crop Losses
Plain English, a few words. Used as the page title.
Sponsors
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History
- Print number 4471a
- Amend and recommit to ways and means
- Referred to ways and means
- Referred to ways and means
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.
Tax Credit for Crop Loss
In Senate Committee · Investigations And Government Operations · Sponsor Patty Ritchie
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
4471--A
2017-2018 Regular Sessions
IN ASSEMBLY
February 2, 2017
Introduced by M. of A. MAGEE -- read once and referred to the Committee on Ways and Means -- recommitted to the Committee on Ways and Means in accordance with Assembly Rule 3, sec. 2 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee
AN ACT to amend the tax law, in relation to establishing an agricultural crop loss personal income tax credit
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 606 of the tax law is amended by adding a new subsection (ccc) to read as follows:
(ccc) Agricultural crop loss tax credit. (1) Allowance of credit. A taxpayer whose federal gross income from farming for the taxable year is at least two-thirds of excess federal gross income shall be allowed a credit against the tax imposed by this article for the loss or damage of eligible crops as a result of frost injury for taxable years beginning on or after January first, two thousand nineteen. The amount of the credit shall be equal to thirty-five percent of the average value of the unit of production for New York state as reported by the USDA National Agricultural Statistics Service in a given year, multiplied by acreage in production, including newly planted acreage, for the growing season of such year.
(2) Application of credit. If the amount of the credit allowed under this subsection for such taxable year shall exceed the taxpayer's tax for such year, the excess shall be treated as an overpayment of tax to be credited or refunded in accordance with the provisions of section six hundred eighty-six of this article, provided, however, that no interest shall be paid thereon.
(3) For the purposes of this subsection, the term "eligible crop" shall mean: (a) fruits, including apples, peaches, grapes, cherries and berries, (b) vegetables, including tomatoes, snap beans, cabbage, carrots, beets and onions, and (c) potatoes and dry beans.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD07620-03-8
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.