senate Bill S6424A

Amended

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

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Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
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actions

  • 22 / Jan / 2014
    • REFERRED TO LOCAL GOVERNMENT
  • 04 / Feb / 2014
    • 1ST REPORT CAL.125
  • 10 / Feb / 2014
    • 2ND REPORT CAL.
  • 11 / Feb / 2014
    • ADVANCED TO THIRD READING
  • 26 / Feb / 2014
    • AMENDED ON THIRD READING 6424A
  • 24 / Mar / 2014
    • AMENDED ON THIRD READING 6424B
  • 12 / May / 2014
    • SUBSTITUTED BY A8320B

Summary

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

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Bill Details

Versions:
S6424
S6424A
S6424B
Legislative Cycle:
2013-2014
Law Section:
Real Property Tax Law
Laws Affected:
Amd ยง425, RPT L

Sponsor Memo

BILL NUMBER:S6424A

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.

view bill text
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 6424--A
    Cal. No. 125

                            I N  S E N A T E

                            January 22, 2014
                               ___________

Introduced  by Sens. MARTINS, FARLEY, RITCHIE, VALESKY -- read twice and
  ordered printed, and when printed to be committed to the Committee  on
  Local Government -- reported favorably from said committee, ordered to
  first  and  second  report,  ordered  to  a third reading, amended and
  ordered reprinted, retaining its place in the order of third reading

AN ACT to amend the real property tax law, in relation to a real proper-
  ty tax exemption for farm  dwellings  owned  by  a  limited  liability
  company

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Paragraph (d) of subdivision 3 of section 425 of  the  real
property  tax  law,  as  added  by  chapter  443 of the laws of 2003, is
amended to read as follows:
  (d) Farm dwellings not owned by the resident. (i) If  legal  title  to
the farm dwelling is held by an S-corporation or by a C-corporation, the
exemption  shall  be granted if the property serves as the primary resi-
dence of a shareholder of such corporation.
  (ii) If the legal title to the farm dwelling is held by a partnership,
the exemption shall be granted if the property  serves  as  the  primary
residence of one or more of the partners.
  (iii)  IF  THE  LEGAL  TITLE TO THE FARM DWELLING IS HELD BY A LIMITED
LIABILITY COMPANY, THE EXEMPTION SHALL BE GRANTED IF THE PROPERTY SERVES
AS THE PRIMARY RESIDENCE OF ONE OR MORE OF THE OWNERS.
  (IV) Any information deemed  necessary  to  establish  shareholder  or
partner status for eligibility purposes shall be considered confidential
and exempt from the freedom of information law.
  S 2. This act shall take effect January 1, 2015.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13198-03-4

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