Bill Text: NY A07107 | 2015-2016 | General Assembly | Amended

New York Assembly Bill 7107 (Prior Session Legislation)

Bill Title: Relates to establishing a business franchise and personal income tax credit for natural resources improvement projects upon farmlands and forestlands.

Spectrum: Slight Partisan Bill (Republican 4-2)

Status: (Introduced - Dead) 2016-03-22 - print number 7107a [A07107 Detail]

Download: New_York-2015-A07107-Amended.html



                STATE OF NEW YORK
        ________________________________________________________________________
                                         7107--A
                               2015-2016 Regular Sessions
                   IN ASSEMBLY
                                     April 23, 2015
                                       ___________
        Introduced  by  M.  of A. SKARTADOS, PALMESANO, GIGLIO, WOERNER, FITZPA-
          TRICK -- Multi-Sponsored by --  M.  of  A.  LOPEZ  --  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 establishing a business
          franchise  and  personal  income  tax  credit  for  natural  resources
          improvement projects upon farmlands and forestlands
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Subdivision 9 of section 208 of the tax law is  amended  by
     2  adding a new paragraph (u) to read as follows:
     3    (u)  In the event the taxpayer claims the natural resource improvement
     4  credit for farmlands and forestlands established pursuant to subdivision
     5  fifty-one of section two hundred  ten-B  of  this  article,  entire  net
     6  income  shall  be increased by the amount of any expenditures defined in
     7  Internal Revenue Code section 175(c)(1) that the taxpayer deducted  from
     8  its total net income on its federal tax return for the tax year.
     9    §  2. Section 210-B of the tax law is amended by adding a new subdivi-
    10  sion 51 to read as follows:
    11    51. Natural resource improvement credit for farmlands and forestlands.
    12  (a) Allowance of credit. For taxable years beginning on or after January
    13  first, two thousand seventeen, a taxpayer  shall  be  allowed  a  credit
    14  against  the  tax  imposed by this article in an amount equal to twenty-
    15  five percent of the taxpayer's eligible expenditures during the tax year
    16  for a natural resources improvement project. Provided, however, that the
    17  credit granted for any natural resource improvement project pursuant  to
    18  this subdivision shall not exceed fifty thousand dollars.
    19    (b)  Definitions.  For the purposes of this subdivision, the following
    20  definitions shall apply:
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06118-03-6