New York A 1961: Establishes a certified transitional tax credit

Bill Text

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A01961 Summary:

BILL NOA01961 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORMaher

&nbsp

COSPNSRBrown E, Brabenec, McDonough

&nbsp

MLTSPNSR

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Add §§50 & 187-s, amd §§210-B & 606, Tax L

&nbsp

Establishes a certified transitional tax credit for taxpayers that demonstrate their agricultural products were sold during a period of transition into USDA organic certification, under the Whole Foods Market IP. L.P. "responsibly grown" labelling program, or under the QAI and Hesco, Inc. "certified transitional" label.

Go to top A01961 Actions:

BILL NOA01961 

&nbsp

01/14/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA01961 Committee&nbspVotes:

Go to topA01961 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA01961 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1961

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 14, 2025
 ___________

 Introduced by M. of A. MAHER, E. BROWN, BRABENEC, McDONOUGH -- read once
 and referred to the Committee on Ways and Means

 AN ACT to amend the tax law, in relation to creating a certified transi-
 tional tax credit; and providing for the repeal of such provisions
 upon expiration thereof

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The tax law is amended by adding a new section 50 to read
 2 as follows:
 3 § 50. Certified transitional tax credit. (a) Allowance of credit. A
 4 taxpayer, who is subject to tax under article nine, nine-A, or twenty-
 5 two of this chapter shall be allowed a refundable credit against such
 6 tax to be computed as provided in this section, for the tax imposed by
 7 this article for taxable years after January first, two thousand twen-
 8 ty-six.
 9 (b) Value of credit. The amount of such credit shall be equal to twen-
 10 ty-five percent of the total pounds of goods sold under an eligible
 11 program under subdivision (c) of this section, multiplied by one-half.
 12 (c) Eligible programs. Taxpayers that wish to claim this credit must
 13 demonstrate their agricultural products were sold during a period of
 14 transition into USDA organic certification, under the Whole Foods Market
 15 IP. L.P. "responsibly grown" labelling program, or under the QAI and
 16 Hesco, Inc. "certified transitional" label.
 17 (d) Application of credit. The credit allowed under this section for
 18 any taxable year shall not reduce the tax due for such year to less than
 19 the minimum tax fixed by this article. However, if the amount of credit
 20 allowed under this section for any taxable year reduces the tax to such
 21 amount, any amount of credit thus not deductible in such taxable year
 22 shall be treated as an overpayment of tax to be credited or refunded in
 23 accordance with the provisions of section one thousand eighty-six of

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD04816-01-5

 A. 1961 2

 1 this chapter. Except as provided in subsection (c) of section one thou-
 2 sand eighty-eight of this chapter, no interest shall be paid thereon.
 3 § 2. The tax law is amended by adding a new section 187-s to read as
 4 follows:
 5 § 187-s. Certified transitional tax credit. (a) Allowance of credit. A
 6 taxpayer, who is subject to tax under this article, article nine-A or
 7 twenty-two of this chapter shall be allowed a refundable credit against
 8 such tax to be computed as provided in this section, for the tax imposed
 9 by this article for taxable years after January first, two thousand
 10 twenty-six.
 11 (b) Value of credit. The amount of such credit shall be equal to twen-
 12 ty-five percent of the total pounds of goods sold under an eligible
 13 program under subdivision (c) of this section, multiplied by one-half.
 14 (c) Eligible programs. Taxpayers that wish to claim this credit must
 15 demonstrate their agricultural products were sold during a period of
 16 transition into USDA organic certification, under the Whole Foods Market
 17 IP. L.P. "responsibly grown" labelling program, or under the QAI and
 18 Hesco, Inc. "certified transitional" label.
 19 (d) Application of credit. The credit allowed under this section for
 20 a