Bill > S02584

This bill amends New York state tax law to allow farm operators to receive refunds for excess investment tax credits starting in the 2025 tax year. Specifically, if a taxpayer whose primary income comes from operating a farm has investment tax credits that exceed their tax liability, they can elect to have the excess amount refunded to them. The bill defines "farm operation" by referencing the existing definition in the agriculture and markets law, which ensures a standardized interpretation. This change applies to both corporate tax law (Section 210-B) and personal income tax law (Section 606), providing tax relief and potential financial support for farm businesses by allowing them to recover unused tax credits as direct refunds, rather than simply carrying the credits forward to future tax years. The bill will take effect immediately but will apply to tax years beginning on or after January 1, 2025.