STATE OF NEW YORK
________________________________________________________________________
6154
2013-2014 Regular Sessions
IN ASSEMBLY
March 15, 2013
___________
Introduced by M. of A. TEDISCO, P. LOPEZ -- Multi-Sponsored by -- M. of
A. McDONOUGH, PALMESANO -- read once and referred to the Committee on
Ways and Means
AN ACT to amend the tax law, in relation to establishing an agricultural
crop loss personal income tax credit
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 606 of the tax law is amended by adding a new
2 subsection (vv) to read as follows:
3 (vv) Agricultural crop loss tax credit. (1) Allowance of credit. A
4 taxpayer whose federal gross income from farming for the taxable year is
5 at least two-thirds of excess federal gross income shall be allowed a
6 credit against the tax imposed by this article for the loss or damage of
7 eligible crops as a result of frost injury for the taxable year begin-
8 ning on or after January first, two thousand fourteen and ending on
9 December thirty-first, two thousand fourteen. The amount of the credit
10 shall be equal to thirty-five percent of the average value of the unit
11 of production for New York state as reported by the USDA National Agri-
12 cultural Statistics Service for two thousand thirteen, multiplied by
13 acreage in production, including newly planted acreage, for the two
14 thousand fourteen growing season.
15 (2) Application of credit. If the amount of the credit allowed under
16 this subsection for such taxable year shall exceed the taxpayer's tax
17 for such year, the excess shall be treated as an overpayment of tax to
18 be credited or refunded in accordance with the provisions of section six
19 hundred eighty-six of this article, provided, however, that no interest
20 shall be paid thereon.
21 (3) For the purposes of this subsection, the term "eligible crop"
22 shall mean: (a) fruits, including apples, peaches, grapes, cherries and
23 berries, (b) vegetables, including tomatoes, snap beans, cabbage,
24 carrots, beets and onions, and (c) potatoes and dry beans.
25 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD06539-02-3
