New York A 5586: Creates a quarterly advance payment schedule for the farm employer overtime tax credit

Bill Text

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A05586 Summary:

BILL NOA05586 

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SAME ASNo Same As

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SPONSORBailey

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COSPNSR

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MLTSPNSR

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Amd §42-a, Tax L

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Creates a quarterly advance payment schedule for the farm employer overtime tax credit.

Go to top A05586 Actions:

BILL NOA05586 

&nbsp

02/18/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA05586 Committee&nbspVotes:

Go to topA05586 Floor&nbspVotes:

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

Go to topA05586 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5586

 2025-2026 Regular Sessions

 IN ASSEMBLY

 February 18, 2025
 ___________

 Introduced by M. of A. BAILEY -- read once and referred to the Committee
 on Ways and Means

 AN ACT to amend the tax law, in relation to advance payments of a
 portion of the farm employer overtime tax credit

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

 1 Section 1. Paragraphs 1 and 2 of subdivision (h) of section 42-a of
 2 the tax law, as added by section 2 of subpart C of part B of chapter 59
 3 of the laws of 2022, are amended to read as follows:
 4 (1) (i) Taxpayers shall have the option to request an advance payment
 5 of the portion of the amount of tax credit they are allowed under this
 6 section for the amount of eligible overtime that the farm employer paid
 7 from January first through [July] March thirty-first. To be eligible for
 8 the advance payment, the farm employer must submit by [September thirti-
 9 eth] May thirty-first a properly completed application to the department
 10 of agriculture and markets, in a form prescribed by the commissioner of
 11 agriculture and markets, that demonstrates how much the farm employer
 12 paid in eligible overtime during that period.
 13 (ii) Taxpayers shall have the option to request an advance payment of
 14 the portion of the amount of tax credit they are allowed under this
 15 section for the amount of eligible overtime that the farm employer paid
 16 from April first through June thirtieth. To be eligible for the advance
 17 payment, the farm employer must submit by August thirty-first a properly
 18 completed application to the department of agriculture and markets, in a
 19 form prescribed by the commissioner of agriculture and markets, that
 20 demonstrates how much the farm employer paid in eligible overtime during
 21 that period.
 22 (iii) Taxpayers shall have the option to request an advance payment of
 23 the portion of the amount of tax credit they are allowed under this
 24 section for the amount of eligible overtime that the farm employer paid
 25 from July first through September thirtieth. To be eligible for the

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD09588-01-5

 A. 5586 2

 1 advance payment, the farm employer must submit by November thirtieth a
 2 properly completed application to the department of agriculture and
 3 markets, in a form prescribed by the commissioner of agriculture and
 4 markets, that demonstrates how much the farm employer paid in eligible
 5 overtime during that period.
 6 (iv) After reviewing a farm employer's completed application for the
 7 advance payment of a portion of the amount of tax credit allowed under
 8 this section, the department of agriculture and markets may issue to
 9 that farm employer a certificate of tax credit that specifies the exact
 10 amount of the tax credit under this article that a taxpayer may claim as
 11 an advance payment pursuant to this subdivision.
 12 (2) (i) A taxpayer must submit a request to the department in the
 13 manner prescribed by the commissioner after it has been issued a certif-
 14 icate of tax credit by the department of agriculture and markets pursu-
 15 ant to subparagraph (i) of paragraph one of this subdivision (or such
 16 certificate has been issued to a partnership, limited liability company
 17 or subchapter S corporation in which it is a partner, member or share-
 18 holder, respectively, that is a farm employer), but such request must be
 19 submitted no later than [November] July first of the taxable year for
 20 which the credit is being claimed.
 21 (ii) A taxpayer must submit a request to t