senate Bill S4962

2011-2012 Legislative Session

Extends eligibility for the agricultural property tax credit to farmers having a leasehold interest of not fewer than five years in qualified agricultural property

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Sponsored By

Archive: Last Bill Status -


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

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Actions

view actions (4)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Feb 14, 2012 recommit, enacting clause stricken
Jan 04, 2012 referred to investigations and government operations
Jun 07, 2011 reported and committed to finance
May 02, 2011 referred to investigations and government operations

Votes

view votes

Jun 7, 2011 - Investigations and Government Operations committee Vote

S4962
6
0
committee
6
Aye
0
Nay
2
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Investigations and Government Operations committee vote details

Investigations and Government Operations Committee Vote: Jun 7, 2011

aye wr (2)

S4962 - Details

See Assembly Version of this Bill:
A1399
Law Section:
Tax Law
Laws Affected:
Amd ยงยง210 & 606, Tax L
Versions Introduced in 2009-2010 Legislative Session:
A988

S4962 - Summary

Extends eligibility for the agricultural property tax credit to farmers having a leasehold interest of not fewer than five continuous years in qualified agricultural property; provides for retroactive application in certain cases.

S4962 - Sponsor Memo

S4962 - Bill Text download pdf

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

                                  4962

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                               May 2, 2011
                               ___________

Introduced  by  Sen.  BALL  --  read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations

AN ACT to amend the tax law, in relation to the eligibility  of  farmers
  leasing land for the agricultural property tax credit

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

  Section 1. Paragraphs (a) and (b) of subdivision 22 of section 210  of
the tax law, paragraph (a) as amended by chapter 315 of the laws of 1998
and  paragraph  (b)  as  amended by chapter 297 of the laws of 2010, are
amended to read as follows:
  (a) General. In the case of a taxpayer which  is  an  eligible  farmer
[or],  an  eligible farmer [who] WHICH has paid taxes pursuant to a land
contract, OR AN ELIGIBLE FARMER WHICH HAS A LEASEHOLD  INTEREST  OF  NOT
FEWER  THAN  FIVE CONTINUOUS YEARS AS A LESSEE OF QUALIFIED AGRICULTURAL
PROPERTY, there shall be allowed  a  credit  for  the  allowable  school
district  property  taxes.  The term "allowable school district property
taxes" means the school district property taxes paid during the  taxable
year  on qualified agricultural property, subject to the acreage limita-
tion provided in paragraph (e) of this subdivision and the income  limi-
tation provided in paragraph (f) of this subdivision.
  (b)  Eligible  farmer.  For  purposes  of  this  subdivision, the term
"eligible farmer" means a taxpayer whose federal gross income from farm-
ing for the taxable year is at least two-thirds of excess federal  gross
income.  The  term  "eligible  farmer" also includes a corporation other
than the taxpayer of record for qualified agricultural  land  which  has
paid  the  school  district  property  taxes  on such land pursuant to a
contract for the future purchase of such land OR WHICH HAS  A  LEASEHOLD
INTEREST  OF  NOT  FEWER  THAN FIVE CONTINUOUS YEARS AS A LESSEE OF SUCH
LAND; provided that such corporation has a  federal  gross  income  from
farming  for  the  taxable  year  which is at least two-thirds of excess

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03309-01-1

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