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S6424Senate2013-2014 SessionSame asA8320

Relates to real property tax exemptions for farm dwellings owned by a limited liability company

Sponsor Jack M. MartinsSD-7+3 co-sponsorsAffects Local Government
Status
Senate Floor Calendar
Impact
Pending
Passage
Pending

Bill progress

Vetoed via A8320

What's happening

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Who cares

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Sponsors

Primary sponsor
Jack M. Martins

Senator · Senate District 7

Chair, Commerce, Economic Development And Small BusinessChair, Local Government

History

  1. Substituted by A8320B
  2. Amended on third reading 6424b
  3. Amended on third reading 6424a
  4. Advanced to third reading
  5. 2nd report cal.
  6. 1st report cal.125
  7. Referred to local government

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.

A8320Assembly

Relates to real property tax exemptions for farm dwellings owned by a limited liability company

Vetoed · Sponsor William Magnarelli

Vetoed

Full text

The text isn't available here yet. Check nysenate.gov.

Sponsor's memo

BILL NUMBER:S6424B

Title of bill

An act to amend the real property tax law, in relation to a real property tax exemption for farm dwellings owned by a limited liability company

Purpose

This bill extends the STAR exemption to farm dwellings that are owned by a limited liability company.

Summary of provisions

Section 1: Amends paragraph (d) of subdivision 3 of section 425 of the Real Property Tax Law to extend the STAR exemption to farm dwellings owned by an LLC, so long as the property serves as the primary residence of one or more of the owners.

Section 2: Establishes the effective date.

Justification

The STAR exemption was created to give homeowners across the State relief from school taxes. This exemption has been expanded over the years to cover the homes of farmers where the home was owned by a corporation or a partnership. This legislation will extend the exemption to cover homes owned by a limited liability company, and will ensure that farmers who chose to form an LLC will still be able to receive a STAR exemption on their primary residence.

Legislative history

This is a new bill.

Fiscal implications

To be determined.

Effective date

This act shall take effect January 1, 2015.

Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.