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NY A00386

Bill

Official Source

Status

Introduced

1/5/2011

Primary Sponsor

William Barclay

Click for details

Origin

Assembly

2009-2010 General Assembly

AI Summary

  • Allows farm operators whose primary income comes from farm operations to elect to treat excess investment tax credits as overpayments of tax for taxable years beginning on or after January 1, 2011
  • Applies to credits under Tax Law Section 210, Subdivision 12 when the credit exceeds tax due in any taxable year
  • Applies to credits under Tax Law Section 606, Subsection (a) when the credit exceeds tax due in any taxable year
  • Defines "farm operation" using the same meaning as provided in Agriculture and Markets Law Section 301, Subdivision 11
  • Excess credits are refundable in accordance with Tax Law Section 1086 (for Section 210 credits) or Section 686 (for Section 606 credits)

Legislative Description

Provides that excess investment tax credit amounts may be refundable to operators of a farm operation.

Last Action

referred to ways and means

1/5/2011

Committee Referrals

Ways and Means1/5/2011

Full Bill Text

No bill text available