What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
History
- 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.
Extends eligibility for the agricultural property tax credit to farmers having a leasehold interest of not fewer than five years in qualified agricultural property
In Assembly Committee · Ways And Means · Sponsor William Magee
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, in relation to the eligibility of farmers leasing land for the agricultural property tax credit
Purpose
This bill extends the eligibility of the farmer's school tax credit program to include agricultural lands that are leased for at least a five year period.
Summary of provisions
Section 1: Amends Tax Law section 210 (22) (a) & (b) to extend the eligibility of the farmer's school tax credit program to include agricultural lands that a farmer leases for at least 5 years.
Section 2: Amends Tax Law section 606 (n) (1) & (2) to extend the eligibility of the farmer's school tax credit program to include agricultural lands that a farmer leases for at least 5 years.
Section 3: Authorizes the Commissioner of Taxation and Finance to promulgate rules to implement this act.
Section 4: Effective date.
Existing law
Under current law, a farmer must either own or possess real property under a land contract before such farmer is eligible to obtain the farmer's income tax credit for moneys paid for school property taxes.
Justification
As with the Agricultural Real Property Tax Assessment Program under Article 25AA of the Agriculture & Markets Law, the Farmer's Income Tax Credit Program should recognize the payment of school taxes that are paid by farmers for land that is leased on a long term basis. The nature of farming in the past 30 years has changed in that more and more growers enter into long term leases for property to produce crops instead of owning the land out right. This bill merely conforms the provisions of the Farmer's Income Tax Credit Program with the Agricultural Real Property Assessment Program authorized pursuant to Article 25AA.
This bill should help to preserve open spaces in areas of the state such as the Hudson Valley, Suffolk County, and suburban areas surrounding other major metropolitan areas. In addition, the extension of this tax credit law to include leased properties will not be abused because the grower will still need to satisfy all of the other requirements of the tax credit program including the farm income eligibility requirements and the requirement that only eligible agricultural lands may receive the tax benefit.
Legislative history
S.236 of 2007/2008
Fiscal implications
To be determined.
Local fiscal implications
To be determined.
Effective date
Immediate, provided however, that it shall apply to taxable years commencing on or after the first of January next preceding the effective date of this act.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.