What's happening
This bill allows farm operators to receive refunds for investment tax credits that exceed their tax liability, starting January 1, 2019.
Why it matters
Boosts cash flow for farm operators. By making excess investment tax credits refundable instead of nonrefundable, farm operators can receive immediate cash refunds rather than having unused credits sit idle—potentially improving liquidity for reinvestment or covering operating costs.
Levels the playing field for farmers. Many farmers have low or inconsistent annual tax liabilities due to the nature of agricultural income. Allowing refunds means they can fully benefit from state incentives, rather than missing out because they owe little or no tax.
Encourages agricultural investment. The change makes it more attractive for farm operators to invest in qualifying equipment or infrastructure, knowing that the tax credit’s value will be realized regardless of their yearly profits or losses.
Retroactive impact. By applying retroactively to tax years beginning January 1, 2019, the bill allows farmers to claim refunds for prior years, potentially resulting in significant immediate financial support for those who made qualifying investments since that date.
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
Refund Extra Farm Tax Credits
Plain English, a few words. Used as the page title.
Sponsors
13 Co-sponsors
History
- Referred to ways and means
- Referred to ways and means
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
3528
2019-2020 Regular Sessions
IN ASSEMBLY
January 29, 2019
Introduced by M. of A. GUNTHER, LUPARDO, COOK, BENEDETTO, RAIA, BLANKEN- BUSH, MONTESANO, PALUMBO, FRIEND, PALMESANO, BRABENEC, B. MILLER, STECK, JONES -- Multi-Sponsored by -- M. of A. BARCLAY, CROUCH, FINCH, GIGLIO, GOODELL, HAWLEY, LENTOL, LIFTON, RAMOS, RIVERA, STEC -- 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 nineteen, 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 nineteen, 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 elect to treat the amount by which such credit exceeds such tax due as
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD01448-01-9
A. 3528 2
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, 2019.
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.