Form Tsb-M-04(2)i - Supplemental Summary Of Personal Income Tax Legislative Changes Enacted 2004 -New York State Department Of Taxation And Finance Page 3
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TSB-M-04(2)I
Income Tax
February 25, 2004
These provisions are effective immediately and apply to tax years beginning on or after
January 1, 1996.
(Tax Law, section 605(b)(3); Administrative Code of the City of New York,
section 11-1705(b)(3))
Tax provisions of the brownfields cleanup legislation
Sections 21, 22, and 23 were added to the Tax Law to provide for three new tax credits
relating to the clean-up and remediation of brownfields. The credits are refundable, and apply to
tax years beginning on or after April 1, 2005.
Section 21 provides for the Brownfield Redevelopment Tax Credit. This credit consists
of the sum of three credit components relating to costs associated with site preparation, tangible
property, and on-site groundwater remediation.
Section 22 provides for the Tax Credit for Remediated Brownfields. This credit is for
real property taxes paid with respect to qualified sites.
Section 23 provides for the Environmental Remediation Insurance Credit. This credit is
for premiums paid by the taxpayer for environmental remediation insurance on or after the date
of the brownfield site agreement executed by the taxpayer and the Department of Environmental
Conservation.
(Tax Law, sections 21, 22, 23, and 606)
Farmers’ school tax credit eligibility enhanced
The Tax Law has been amended to allow a taxpayer the option of using a three-year
average of federal gross income from farming in determining if the taxpayer is an eligible farmer
for purposes of claiming the farmers’ school tax credit.
Prior to the amendment, taxpayers met the definition of eligible farmer only if their
federal gross income from farming for the tax year was at least two-thirds of their excess federal
gross income.
For tax years beginning on or after January 1, 2003, taxpayers will meet the definition of
eligible farmer if their:
•
federal gross income from farming for the tax year is at least two-thirds of
their excess federal gross income; or
•
average of federal gross income from farming for the tax year and the two
consecutive tax years immediately preceding that tax year is at least two-
thirds of their excess federal gross income for the tax year.
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