Establishes a working farmland property tax credit for owners of agricultural assessment land within agricultural districts

3 Co-sponsors

• John J. Bonacic
• Michael H. Ranzenhofer
• James L. Seward

BILL NUMBER:S789

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

2009-2010: S.2416-A/A.7205-A Reported to Finance 2007-2008: S.5685-A Passed Senate

Fiscal implications

Undetermined at this time.

Effective date

180 days after enactment into law and shall apply to taxable years beginning on January 1, 2012.