NY A07318

Extends the filing fee deadline from 60 days to 120 days after the end of the taxable year for farms, commercial horse boarding operations, and agricultural service providers that are structured as limited liability companies or partnerships.

Modifies the calculation of filing fees for farms, commercial horse boarding operations, commercial equine operations, and agricultural service providers by using net income instead of gross income for federal tax purposes.

Reduces the fixed dollar minimum tax for New York S corporations engaged primarily in farming, commercial horse boarding, commercial equine operations, or providing agricultural services by lowering tax brackets at certain income thresholds.

Changes the calculation of New York receipts for tax purposes to use net farm income for corporations engaged primarily in farming or related agricultural activities, instead of standard receipt calculations.

Takes effect immediately upon enactment.