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
Senator · Senate District 40
1 Co-sponsor
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 Stephen Hawley
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S2294
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 eligibility for the agricultural property tax credit to farmers having a leasehold interest of not fewer than five years in qualified agricultural property.
Summary of provisions
Section 1 defines farmers claiming the credit against the Corporate Franchise Tax as those who lease land for at least five continuous years.
Section 2 defines farmers claiming the credit against the Personal Income Tax as those who lease land for at least five continuous years.
Section 3 gives the Commissioner of Taxation and Finance the authority to make any rules and regulations that are deemed necessary.
Section 4 authorizes this act to take effect immediately and apply to taxable years commencing on or after January 1, 2010.
Justification
Under current law, a farmer must own real property in order to qualify for the farmer's income tax credit for monies paid for school property taxes. This proposal would extend eligibility to farmers who lease agricultural lands for at least five continuous years. This proposal would not only provide S2 million in tax relief for New York's Agricultural industry, but it would also enhance access to farmland and open space preservation.
Legislative history
2007: A.5362 02/15/07 Referred to Ways and Means 11/16/07 Amend and Recommit to Ways and Means 11/16/07 Print Number 5362a 01/09/08 Referred to Ways and Means 06/19/08 Held for Consideration in Ways and Means 07/01/10 Held for Consideration in Ways and Means
Fiscal implications
This bill will decrease State Revenues by $2 million,
Effective date
This act shall take effect immediately and apply to taxable years commencing on or after January 1, 2015.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.