Allows agricultural property tax credit against general property tax as well as school tax

6 Co-sponsors

• Ruth Hassell-Thompson
• Jeffrey D. Klein
• George Onorato
• Suzi Oppenheimer
• John L. Sampson
• Diane J. Savino

Title of bill

An act to amend the tax law, in relation to credits against tax

Purpose or general idea of bill

Allows agricultural property tax credit against general property tax as well as school tax.

Summary of specific provisions

Amends paragraph 8 of subsection (n) of section 606 of the tax law, as amended by section 3 of part K of chapter 62 of the laws of 2006 to expand the existing Farmer's School Property Tax Credit to include all local and municipal property taxes paid by a qualifying farmer.

Justification

The current Farmers' School Property Tax Credit allows farm families earning at least 2/3 of their income from farming and less than $250,000 a year total to receive a credit on their income taxes (personal or business) equal to 100% of the school taxes paid on the first 350 acres of land, and 50% of the school taxes paid on any additional land While the current credit has been successful in reducing the property tax burden on farmers, farm families still pay higher average property taxes than other New York families relative to income. This measure would expand the Farmers' School Property Tax Credit to include non-school property taxes to help make the property tax burden of farmers more commensurate with the property taxes paid by other New York families of similar incomes.

Prior legislative history

S.8562 of 2008

Fiscal implications

Estimated cost to the state is $14 million.

Effective date

This act shall take effect on the first of January next succeeding the date on which it shall have become law.