STATE OF NEW YORK
________________________________________________________________________
928
2019-2020 Regular Sessions
IN SENATE
January 9, 2019
___________
Introduced by Sens. YOUNG, RANZENHOFER -- read twice and ordered print-
ed, and when printed to be committed to the Committee on Investi-
gations and Government Operations
AN ACT to amend the tax law, in relation to establishing a grapevine
replacement franchise tax on business corporations credit
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 210-B of the tax law is amended by adding a new
2 subdivision 53 to read as follows:
3 53. Grapevine replacement tax credit. (a) Allowance of credit. A
4 taxpayer that is a business principally engaged in farming, as such term
5 is defined in paragraph nineteen of subdivision (b) of section one thou-
6 sand one hundred one of this chapter, shall be allowed a credit against
7 the tax imposed by this article for the replacement of grapevines of any
8 concord variety for taxable years beginning on or after January first,
9 two thousand nineteen. The amount of the credit shall be equal to the
10 sum of the cost of grapevines that are purchased and planted for the
11 purpose of replacing grapevines of any concord variety. This credit
12 shall not apply to grapevines other than of the concord variety.
13 (b) Application of credit. If the amount of the credit allowed under
14 this subdivision for any taxable year shall exceed the taxpayer's tax
15 for such year, the excess shall be treated as an overpayment of tax to
16 be credited or refunded in accordance with the provisions of section one
17 thousand eighty-six of this chapter. Provided, however, that no interest
18 should be paid on such refund, notwithstanding the provisions of
19 subsection (c) of section one thousand eighty-eight of this chapter.
20 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD03024-01-9
