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History
- Reported and committed to finance
- Print number 2416a
- Amend and recommit to investigations and government operations
- Referred to investigations and government operations
- Referred to investigations and government operations
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Establishes a working farmland property tax credit for owners of agricultural assessment land within agricultural districts
In Assembly Committee · Ways And Means · Sponsor Greg Ball
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the tax law, the general municipal law, the real property tax law and the agriculture and markets law, in relation to the establishment of a working farmland property tax credit for owners of agricultural assessment land within agricultural districts
Purpose
To establish a working farmland property tax credit for owners of agricultural districts.
Summary of provisions
The Tax Law, General Municipal Law, Real Property Tax Law, and the Agriculture and Markets Law, would be amended to establish and structure program parameters for the working Farmland Tax Credit. In exchange for a commitment to keep land in active agricultural use for eight years, an eligible landowner would be eligible for a state income tax credit equal to the total amount paid in school and local municipal property taxes less any credits claimed under the Farmers' School Tax Credit program.
Justification
The Working Farmland Tax credit would complement New York's agricultural districts program by building a partnership between New York State, local governments and agricultural land owners to promote economic viability of our farm operations. The intent of this program is to encourage rural economic growth by encouraging active management of New York's agricultural land base and provide local governments with an optional tool to help support farms and complement their local land use policies. To date, four counties have recommended this concept in their Agriculture and Farmland Protection plans.
Legislative history
S.5685-A (2008) - Passed Senate S.2416 (2009) - Referred to Investigations & Government Operations Committee
Fiscal implications
Undetermined at this time.
Effective date
180 days after enactment into law and shall apply to taxable years beginning on January 1, 2010.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.