What's happening
This bill raises the estate tax exclusion amount for estates primarily composed of farm operations in New York.
Why it matters
Helps keep family farms in operation. by making it easier for heirs to inherit farm property without having to sell assets to pay estate taxes, potentially reducing the loss of farmland to development.
Targets relief to estates primarily composed of farm operations. (more than 50% of the estate’s value), ensuring the benefit is focused on active agricultural businesses rather than wealthy individuals with only nominal farm interests.
Links the exclusion amount to inflation. by tying it to the consumer price index, so the real value of the tax relief doesn’t erode over time, offering more predictable long-term planning for farm families.
Could impact local economies and food systems. by helping preserve smaller-scale, family-owned farms in New York, supporting rural communities, and maintaining local agricultural production.
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Who cares
Headline styles
Raise Farm Estate Tax Exemption
Plain English, a few words. Used as the page title.
Sponsors
7 Co-sponsors
2 Multi-sponsors
History
- Print number 5054a
- Amend and recommit to ways and means
- Referred to ways and means
- Referred to ways and means
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.
Expand Farm Estate Tax Break
In Senate Committee · Investigations And Government Operations · Sponsor Patty Ritchie
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
5054--A
2017-2018 Regular Sessions
IN ASSEMBLY
February 6, 2017
Introduced by M. of A. MAGEE, DiPIETRO, BLANKENBUSH -- read once and referred to the Committee on Ways and Means -- recommitted to the Committee on Ways and Means in accordance with Assembly Rule 3, sec. 2 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee
AN ACT to amend the tax law, in relation to the estate tax where the estate includes a farm operation
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Subparagraph (B) of paragraph 2 of subsection (c) of section 952 of the tax law, as added by section 2 of part X of chapter 59 of the laws of 2014, is amended to read as follows:
(B) In the case of any decedent dying in a calendar year beginning on or after January first, two thousand nineteen, or in the case of a decedent dying on and after April first, two thousand eighteen, where the estate includes a farm operation, as defined in section three hundred one of the agriculture and markets law, and the value of the farm operation is more than fifty percent of the value of the entire estate at the time of death the basic exclusion amount shall be equal to:
(i) five million dollars, multiplied by
(ii) one plus the cost-of-living adjustment, which shall be the percentage by which the consumer price index for the preceding calendar year exceeds the consumer price index for calendar year two thousand ten.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD08215-03-8
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.