STATE OF NEW YORK
________________________________________________________________________
1088--A
2009-2010 Regular Sessions
IN ASSEMBLY(Prefiled)
January 7, 2009
___________
Introduced by M. of A. GUNTHER, MAGEE, DelMONTE, FIELDS, ESPAILLAT,
SCHROEDER, CARROZZA, LUPARDO -- Multi-Sponsored by -- M. of A.
BACALLES, BARCLAY, BOYLAND, CALHOUN, COOK, CROUCH, ERRIGO, FINCH,
GIGLIO, HAWLEY, KOON, LAVINE, LENTOL, LIFTON, J. MILLER, MOLINARO,
O'MARA, PHEFFER, QUINN, RABBITT, REILLY, SCOZZAFAVA -- 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 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 12 of section 210 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 ten, if
5 the credit allowed under this subdivision is greater than the tax due in
6 any taxable year for a taxpayer whose primary source of income is
7 derived from operating a farm operation, such taxpayer may elect to
8 treat the amount by which such credit exceeds such tax due as an over-
9 payment of tax to be refunded in accordance with the provisions of
10 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:
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD02307-03-0
A. 1088--A 2
1 (5-a) Notwithstanding any other provision of this subsection, for
2 taxable years beginning on or after January first, two thousand ten, if
3 the credit allowed under this subsection is greater than the tax due in
4 any taxable year for a taxpayer whose primary source of income is
5 derived from operating a farm operation, such taxpayer may elect to
6 treat the amount by which such credit exceeds such tax due as an over-
7 payment of tax to be refunded in accordance with the provisions of
8 section six hundred eighty-six of this article. For purposes of this
9 paragraph, the term "farm operation" shall have the same meaning as such
10 term is defined in subdivision eleven of section three hundred one of
11 the agriculture and markets law.
12 § 3. This act shall take effect immediately, and shall be deemed to
13 have been in full force and effect on and after January 1, 2010.
