A05447 Summary:

BILL NOA05447
 
SAME ASNo Same As
 
SPONSORSalka
 
COSPNSR
 
MLTSPNSR
 
Add 44 & 187-q, amd 210-B & 606, Tax L
 
Relates to the creation of a certified transitional tax credit for taxpayers that demonstrate their agricultural products were sold during a period of transition into USDA organic certification, under the Whole Foods Market IP. L.P. "responsibly grown" labelling program, or under the QAI and Hesco, Inc. "certified transitional" label.
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A05447 Actions:

BILL NOA05447
 
02/12/2019referred to ways and means
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A05447 Committee Votes:

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A05447 Floor Votes:

There are no votes for this bill in this legislative session.
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A05447 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          5447
 
                               2019-2020 Regular Sessions
 
                   IN ASSEMBLY
 
                                    February 12, 2019
                                       ___________
 
        Introduced  by M. of A. SALKA -- read once and referred to the Committee
          on Ways and Means
 
        AN ACT to amend the tax law, in relation to creating a certified transi-
          tional tax credit; and providing for the  repeal  of  such  provisions
          upon expiration thereof
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. The tax law is amended by adding a new section 44  to  read
     2  as follows:
     3    §  44.  Certified  transitional tax credit. (a) Allowance of credit. A
     4  taxpayer, who is subject to tax under article nine, nine-A,  or  twenty-
     5  two  of  this  chapter shall be allowed a refundable credit against such
     6  tax to be computed as provided in this section, for the tax  imposed  by
     7  this article for taxable years after January first, two thousand twenty.
     8    (b) Value of credit. The amount of such credit shall be equal to twen-
     9  ty-five  percent  of  the  total  pounds of goods sold under an eligible
    10  program under subdivision (c) of this section, multiplied by one-half.
    11    (c) Eligible programs. Taxpayers that wish to claim this  credit  must
    12  demonstrate  their  agricultural  products  were sold during a period of
    13  transition in to USDA  organic  certification,  under  the  Whole  Foods
    14  Market  IP. L.P. "responsibly grown" labelling program, or under the QAI
    15  and Hesco, Inc.  "certified transitional" label.
    16    (d) Application of credit. The credit allowed under this  section  for
    17  any taxable year shall not reduce the tax due for such year to less than
    18  the  minimum tax fixed by this article. However, if the amount of credit
    19  allowed under this section for any taxable year reduces the tax to  such
    20  amount,  any  amount  of credit thus not deductible in such taxable year
    21  shall be treated as an overpayment of tax to be credited or refunded  in
    22  accordance  with  the  provisions  of section one thousand eighty-six of
    23  this chapter. Except as provided in subsection (c) of section one  thou-
    24  sand eighty-eight of this chapter, no interest shall be paid thereon.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04801-01-9

        A. 5447                             2
 
     1    §  2.  The tax law is amended by adding a new section 187-q to read as
     2  follows:
     3    § 187-q. Certified transitional tax credit. (a) Allowance of credit. A
     4  taxpayer,  who  is subject to tax under article nine, nine-A, or twenty-
     5  two of this chapter shall be allowed a refundable  credit  against  such
     6  tax  to  be computed as provided in this section, for the tax imposed by
     7  this article for taxable years after January first, two thousand twenty.
     8    (b) Value of credit. The amount of such credit shall be equal to twen-
     9  ty-five percent of the total pounds of  goods  sold  under  an  eligible
    10  program under subdivision (c) of this section, multiplied by one-half.
    11    (c)  Eligible  programs. Taxpayers that wish to claim this credit must
    12  demonstrate their agricultural products were sold  during  a  period  of
    13  transition  in  to  USDA  organic  certification,  under the Whole Foods
    14  Market IP. L.P. "responsibly grown" labelling program, or under the  QAI
    15  and Hesco, Inc.  "certified transitional" label.
    16    (d)  Application  of credit. The credit allowed under this section for
    17  any taxable year shall not reduce the tax due for such year to less than
    18  the minimum tax fixed by this article. However, if the amount of  credit
    19  allowed  under this section for any taxable year reduces the tax to such
    20  amount, any amount of credit thus not deductible in  such  taxable  year
    21  shall  be treated as an overpayment of tax to be credited or refunded in
    22  accordance with the provisions of section  one  thousand  eighty-six  of
    23  this  chapter. Except as provided in subsection (c) of section one thou-
    24  sand eighty-eight of this chapter, no interest shall be paid thereon.
    25    § 3. Section 210-B of the tax law is amended by adding a new  subdivi-
    26  sion 53 to read as follows:
    27    53.  Certified  transitional  tax  credit. (a) Allowance of credit.  A
    28  taxpayer, who is subject to tax under article nine, nine-A,  or  twenty-
    29  two  of  this  chapter shall be allowed a refundable credit against such
    30  tax to be computed as provided in this subdivision, for the tax  imposed
    31  by  this  article  for  taxable  years after January first, two thousand
    32  twenty.
    33    (b) Value of credit. The amount of such credit shall be equal to twen-
    34  ty-five percent of the total pounds of  goods  sold  under  an  eligible
    35  program under paragraph (c) of this subdivision, multiplied by one-half.
    36    (c)  Eligible  programs. Taxpayers that wish to claim this credit must
    37  demonstrate their agricultural products were sold  during  a  period  of
    38  transition  in  to  USDA  organic  certification,  under the Whole Foods
    39  Market IP. L.P. "responsibly grown" labelling program, or under the  QAI
    40  and Hesco, Inc.  "certified transitional" label.
    41    (d)  Application  of credit. The credit allowed under this subdivision
    42  for any taxable year shall not reduce the tax due for such year to  less
    43  than  the  minimum  tax fixed by this article. However, if the amount of
    44  credit allowed under this subdivision for any taxable year  reduces  the
    45  tax  to  such  amount,  any amount of credit thus not deductible in such
    46  taxable year shall be treated as an overpayment of tax to be credited or
    47  refunded in accordance with  the  provisions  of  section  one  thousand
    48  eighty-six  of  this  chapter.  Except  as provided in subsection (c) of
    49  section one thousand eighty-eight of this chapter, no interest shall  be
    50  paid thereon.
    51    §  4. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
    52  of the tax law is amended by adding a  new  clause  (xliv)  to  read  as
    53  follows:
    54  (xliv) Certified transitional        Amount of credit under
    55  tax credit under section             subdivision fifty-three of
    56  forty-four of this chapter           section two hundred ten-B

        A. 5447                             3
 
     1    §  5.  This  act shall take effect January 1, 2020, and shall apply to
     2  taxable years beginning on or after such date, and shall expire  January
     3  1,  2026  when upon such date the provisions of this act shall be deemed
     4  repealed. Effective immediately, the addition, amendment  and/or  repeal
     5  of  any rule or regulation by the department of agriculture and markets,
     6  in conjunction with the department  of  taxation  and  finance  that  is
     7  necessary  for  the implementation of this act on its effective date are
     8  authorized to be made and completed on or before such effective date.
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