What's happening
This bill allows farm operators to receive refunds for excess investment tax credits that exceed their tax liability.
Why it matters
This bill could improve cash flow for farm operators. by allowing them to receive immediate refunds for unused investment tax credits, rather than carrying forward credits they can't use due to low or no tax liability.
It may incentivize more capital investment in agriculture. , since farm operators can be more confident that investments in equipment or infrastructure will yield a financial benefit regardless of their annual tax burden.
The measure could help smaller or lower-profit farms. , who often don't owe enough in taxes to benefit from non-refundable credits, making state support for agricultural investment more accessible across the sector.
The legislation retroactively applies to the 2017 tax year. , meaning eligible farm operators could seek refunds for prior years, potentially providing an immediate financial boost to the agricultural community.
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Who cares
Headline styles
Refund Farm Tax Credits
Plain English, a few words. Used as the page title.
Sponsors
16 Co-sponsors
History
- 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.
Refund Farm Tax Credits
In Senate Committee · Investigations And Government Operations · Sponsor Rich Funke
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
884
2017-2018 Regular Sessions
IN ASSEMBLY
January 9, 2017
Introduced by M. of A. GUNTHER, MAGEE, LUPARDO, COOK, SKOUFIS, BENEDET- TO, RAIA, BLANKENBUSH, MONTESANO, PALUMBO, LOPEZ, LUPINACCI, FRIEND, PALMESANO -- Multi-Sponsored by -- M. of A. BARCLAY, CROUCH, FINCH, GIGLIO, GOODELL, HAWLEY, LENTOL, LIFTON, McLAUGHLIN, RIVERA, SALADINO, STEC, TITONE -- read once and referred to the Committee on Ways and Means
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
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Subdivision 1 of section 210-B of the tax law is amended by adding a new paragraph (e-1) to read as follows:
(e-1) Notwithstanding any other provision of this subdivision, for taxable years beginning on or after January first, two thousand seventeen, if the credit allowed under this subdivision is greater than the tax due in any taxable year for a taxpayer whose primary source of income is derived from operating a farm operation, such taxpayer may elect to treat the amount by which such credit exceeds such tax due as an overpayment of tax to be refunded in accordance with the provisions of section ten hundred eighty-six of this chapter. For purposes of this paragraph, the term "farm operation" shall have the same meaning as such term is defined in subdivision eleven of section three hundred one of the agriculture and markets law.
§ 2. Subsection (a) of section 606 of the tax law is amended by adding a new paragraph 5-a to read as follows:
(5-a) Notwithstanding any other provision of this subsection, for taxable years beginning on or after January first, two thousand seventeen, if the credit allowed under this subsection is greater than the tax due in any taxable year for a taxpayer whose primary source of income is derived from operating a farm operation, such taxpayer may
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD03653-01-7
A. 884 2
elect to treat the amount by which such credit exceeds such tax due as an overpayment of tax to be refunded in accordance with the provisions of section six hundred eighty-six of this article. For purposes of this paragraph, the term "farm operation" shall have the same meaning as such term is defined in subdivision eleven of section three hundred one of the agriculture and markets law.
§ 3. This act shall take effect immediately, and shall be deemed to have been in full force and effect on and after January 1, 2017.
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.