New York S 2584: Enacts the child custody reform act

Bill Text

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S02584 Summary:

BILL NOS02584 

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SAME ASNo Same As

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SPONSORORTT

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COSPNSRRHOADS

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MLTSPNSR

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Amd §§210-B & 606, Tax L

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

Go to top S02584 Actions:

BILL NOS02584 

&nbsp

01/21/2025REFERRED TO BUDGET AND REVENUE

01/07/2026REFERRED TO BUDGET AND REVENUE

Go to topS02584 Committee&nbspVotes:

Go to topS02584 Floor&nbspVotes:

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

Go to topS02584 Text:

 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.

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