STATE OF NEW YORK
________________________________________________________________________
1142
2023-2024 Regular Sessions
IN SENATE
January 10, 2023
___________
Introduced by Sen. ORTT -- read twice and ordered printed, and when
printed to be committed to the Committee on Budget and Revenue
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 Assem-bly, do enact as follows:
1 Section 1. Subdivision 1 of section 210-B of the tax law is amended by
2 adding a new paragraph (e-1) to read as follows:
3 (e-1) Notwithstanding any other provision of this subdivision, for
4 taxable years beginning on or after January first, two thousand twenty-
5 three, if the credit allowed under this subdivision is greater than the
6 tax due in any taxable year for a taxpayer whose primary source of
7 income is derived from operating a farm operation, such taxpayer may
8 elect to treat the amount by which such credit exceeds such tax due as
9 an overpayment of tax to be refunded in accordance with the provisions
10 of section ten hundred eighty-six of this chapter. For purposes of this
11 paragraph, the term "farm operation" shall have the same meaning as such
12 term is defined in subdivision eleven of section three hundred one of
13 the agriculture and markets law.
14 § 2. Subsection (a) of section 606 of the tax law is amended by adding
15 a new paragraph 5-a to read as follows:
16 (5-a) Notwithstanding any other provision of this subsection, for
17 taxable years beginning on or after January first, two thousand twenty-
18 three, if the credit allowed under this subsection is greater than the
19 tax due in any taxable year for a taxpayer whose primary source of
20 income is derived from operating a farm operation, such taxpayer may
21 elect to treat the amount by which such credit exceeds such tax due as
22 an overpayment of tax to be refunded in accordance with the provisions
23 of section six hundred eighty-six of this article. For purposes of this
24 paragraph, the term "farm operation" shall have the same meaning as such
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD03019-01-3
S. 1142 2
1 term is defined in subdivision eleven of section three hundred one of
2 the agriculture and markets law.
3 § 3. This act shall take effect immediately, and shall be deemed to
4 have been in full force and effect on and after January 1, 2023.
