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Sponsors
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History
- Substituted by A1421
- Advanced to third reading
- 2nd report cal.
- 1st report cal.1234
- 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.
Relates to real property tax exemptions for farm dwellings owned by a limited liability company
Signed by Governor · Sponsor William Magnarelli
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S3539
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
S.6424-B / A.8320 Passed Senate and Assembly; Vetoed
Fiscal implications
To be determined.
Effective date
This act shall take effect January 1, 2016.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.