What's happening
This bill creates a sales tax exemption for abstracts of title to real property used for agricultural purposes in New York.
Why it matters
Reduces costs for farmers and prospective agricultural land buyers. by exempting them from sales tax on abstracts of title, which are necessary legal documents in real estate transactions—potentially making farmland purchases more affordable.
Could incentivize agricultural investment and land transfers. by lowering transactional barriers, possibly encouraging more people to enter or expand in farming within New York State.
Targets a specific step in the property purchase process. (the abstract of title), which is often a required expense, especially when securing loans or legal clearance, thus directly aiding those involved in agricultural real estate.
May impact state and local tax revenues modestly. due to the narrow focus on agricultural use, but signals legislative support for the farming sector and rural economies.
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Who cares
Headline styles
End Sales Tax on Farm Abstracts
Plain English, a few words. Used as the page title.
Sponsors
History
- Referred to ways and means
- Referred to ways and means
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
5038
2017-2018 Regular Sessions
IN ASSEMBLY
February 6, 2017
Introduced by M. of A. MAGEE, BLANKENBUSH, BARRETT, LUPARDO, JEAN-PIERRE -- read once and referred to the Committee on Ways and Means
AN ACT to amend the tax law, in relation to providing for a sales tax exemption for farm abstracts
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Paragraph 1 of subdivision (c) of section 1105 of the tax law, as amended by chapter 583 of the laws of 2011, is amended to read as follows:
(1) The furnishing of information by printed, mimeographed or multigraphed matter or by duplicating written or printed matter in any other manner, including the services of collecting, compiling or analyzing information of any kind or nature and furnishing reports thereof to other persons, but excluding the furnishing of information which is personal or individual in nature and which is not or may not be substantially incorporated in reports furnished to other persons, and excluding the services of advertising or other agents, or other persons acting in a representative capacity, and information services used by newspapers, electronic news services, radio broadcasters and television broadcasters in the collection and dissemination of news, and excluding meteorological services, and excluding the sale of an abstract of title to real property to be used for agricultural purposes to either a prospective purchaser of real property or to an attorney representing a prospective purchaser.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD08813-01-7
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.