S 2584: Provides that excess investment tax credit amounts may be refundable to operators of a farm operation.

  
  STATE OF NEW YORK ________________________________________________________________________ 2584 2025-2026 Regular Sessions  IN SENATE January 21, 2025 ___________ Introduced by Sen. ORTT -- read twice and ordered printed, and when printed to be committed to the Committee on Budget and Revenue AN ACT to amend the tax law, in relation to providing that excess investment tax credit amounts may be refundable to operators of a farm operation The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subdivision 1 of section 210-B of the tax law is amended by 2 adding a new paragraph (e-1) to read as follows: 3 (e-1) Notwithstanding any other provision of this subdivision, for 4 taxable years beginning on or after January first, two thousand twenty- 5 five, if the credit allowed under this subdivision is greater than the 6 tax due in any taxable year for a taxpayer whose primary source of 7 income is derived from operating a farm operation, such taxpayer may 8 elect to treat the amount by which such credit exceeds such tax due as 9 an overpayment of tax to be refunded in accordance with the provisions 10 of section ten hundred eighty-six of this chapter. For purposes of this 11 paragraph, the term "farm operation" shall have the same meaning as such 12 term is defined in subdivision eleven of section three hundred one of 13 the agriculture and markets law. 14 § 2. Subsection (a) of section 606 of the tax law is amended by adding 15 a new paragraph 5-a to read as follows: 16 (5-a) Notwithstanding any other provision of this subsection, for 17 taxable years beginning on or after January first, two thousand twenty- 18 five, if the credit allowed under this subsection is greater than the 19 tax due in any taxable year for a taxpayer whose primary source of 20 income is derived from operating a farm operation, such taxpayer may 21 elect to treat the amount by which such credit exceeds such tax due as 22 an overpayment of tax to be refunded in accordance with the provisions 23 of section six hundred eighty-six of this article. For purposes of this 24 paragraph, the term "farm operation" shall have the same meaning as such EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD06874-01-5 
 S. 2584 2 1 term is defined in subdivision eleven of section three hundred one of 2 the agriculture and markets law. 3 § 3. This act shall take effect immediately, and shall be deemed to 4 have been in full force and effect on and after January 1, 2025.