Bill Text: NY S00928 | 2019-2020 | General Assembly | Introduced

New York Senate Bill 928 (Prior Session Legislation)

Introduced

Bill Title: Establishes a credit against the franchise tax on business corporations for the cost of replacing concord grapevines by a farm.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced - Dead) 2019-03-19 - RECOMMIT, ENACTING CLAUSE STRICKEN [S00928 Detail]

Download: New_York-2019-S00928-Introduced.html



                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