Allows farm operators to receive refunds for excess investment tax credits.

New York S02584 amends the tax law to allow farm operators to receive refunds for any excess investment tax credits starting from taxable years beginning on or after January 1, 2025. If the credit allowed under the tax law is greater than the tax due for a taxpayer whose primary source of income is derived from operating a farm operation, the taxpayer may elect to treat the excess credit as an overpayment of tax to be refunded. The term "farm operation" is defined as per the agriculture and markets law.

Allows farm operators to receive refunds for excess investment tax credits.

New York S02584 amends the tax law to allow farm operators to receive refunds for any excess investment tax credits starting from taxable years beginning on or after January 1, 2025. If the credit allowed under the tax law is greater than the tax due for a taxpayer whose primary source of income is derived from operating a farm operation, the taxpayer may elect to treat the excess credit as an overpayment of tax to be refunded. The term "farm operation" is defined as per the agriculture and markets law.