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NY A10811
Bill
Status
Introduced
8/24/2012
Primary Sponsor
James Tedisco
Click for details
AI Summary
- Establishes a personal income tax credit for farmers whose federal gross income from farming is at least two-thirds of their excess federal gross income
- Credit applies to loss or damage of eligible crops from frost injury during the 2012 tax year only
- Credit amount equals 35 percent of the average value per unit of production for New York State (as reported by USDA) multiplied by acreage in production for the 2012 growing season
- Eligible crops include fruits (apples, peaches, grapes, cherries, berries), vegetables (tomatoes, snap beans, cabbage, carrots, beets, onions), potatoes, and dry beans
- If credit exceeds tax liability, the excess is treated as an overpayment to be refunded without interest
Legislative Description
Creates an agricultural crop loss personal income tax credit.
Last Action
referred to ways and means
8/24/2012
Committee Referrals
Ways and Means8/24/2012
Full Bill Text
No bill text available