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

6 Co-sponsors

• John J. Bonacic
• Thomas Croci
• Rich Funke
• Robert Ortt
• Michael H. Ranzenhofer
• James L. Seward

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 assessment land within 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

2015: S.2992 Referred to Investigations & Government Operations 2013, 2014: S.2249A Referred to Investigations & Government Operations 2011, 2012: S.789 Referred to Investigations & Government Operations 2009, 2010: S.2416A/A.7205A Reported to Finance 2007, 2008: S.5685A Passed Senate

Fiscal implications

Undetermined at this time.

Effective date

This act shall take effect on the one hundred eightieth day after it shall have become a law and shall apply to taxable years beginning on or after the effective date of this act. Provided that any rule or regulation necessary for the timely implementation of the provisions of this act on its effective date may be promulgated on or before such effective date.