|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|
senate Bill S4962
Archive: Last Bill Status - STRICKEN
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S4962 - Details
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
BILL NUMBER:S4962 TITLE OF BILL: An act to amend the tax law, in relation to the eligibility of farmers leasing land for the agricultural property tax credit PURPOSE: This bill extends eligibility for the agricultural property tax credit to farmers having a leasehold interest of not fewer than five years in qualified agricultural property. SUMMARY OF PROVISIONS: Section 1 defines farmers claiming the credit against the Corporate Franchise Tax as those who lease land for at least five continuous years. Section 2 defines farmers claiming the credit against the Personal Income Tax as those who lease land for at least five continuous years. Section 3 gives the Commissioner of Taxation and Finance the authority to make any rules and regulations that are deemed necessary. Section 4 authorizes this act to take effect immediately and apply to taxable years commencing on or after January 1, 2010.
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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