Bill Text: NY A05447 | 2019-2020 | General Assembly | Introduced
Bill Title: 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.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2020-07-17 - held for consideration in ways and means [A05447 Detail]
Download: New_York-2019-A05447-Introduced.html
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. LBD04801-01-9A. 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-BA. 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.
