assembly Bill A9290

2013-2014 Legislative Session

Relates to providing a tax credit to farmers who sell or rent their agricultural land to a young farmer

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Archive: Last Bill Status - In Assembly Committee


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Apr 08, 2014 referred to ways and means

Co-Sponsors

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A9290 (ACTIVE) - Details

Law Section:
Tax Law
Laws Affected:
Amd §§210 & 606, Tax L
Versions Introduced in Other Legislative Sessions:
2015-2016: A1558
2017-2018: A4388

A9290 (ACTIVE) - Summary

Relates to providing a tax credit to farmers who sell or rent their agricultural land to a young farmer.

A9290 (ACTIVE) - Bill Text download pdf

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

                                  9290

                          I N  A S S E M B L Y

                              April 8, 2014
                               ___________

Introduced  by  M.  of  A.  MAGEE, CROUCH, FINCH, GUNTHER, HAWLEY, OTIS,
  ROSENTHAL, RUSSELL,  SKOUFIS,  STIRPE,  BARCLAY,  JAFFEE,  MAGNARELLI,
  SEPULVEDA,  PEOPLES-STOKES,  TITONE  -- Multi-Sponsored by -- M. of A.
  BUTLER, CAMARA, CERETTO, COOK, DUPREY, GOTTFRIED, LUPARDO,  LUPINACCI,
  McLAUGHLIN,  ROBINSON, SIMANOWITZ, THIELE, WEISENBERG -- read once and
  referred to the Committee on Ways and Means

AN ACT to amend the tax law, in relation to providing a  tax  credit  to
  farmers who sell or rent their agricultural land to a young farmer

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

  Section 1. Section 210 of the tax law  is  amended  by  adding  a  new
subdivision 49 to read as follows:
  49.  CREDIT  FOR FARMERS WHO SELL OR RENT THEIR AGRICULTURAL LAND TO A
YOUNG FARMER.  (A) ALLOWANCE OF CREDIT. A TAXPAYER THAT IS  AN  AGRICUL-
TURAL  BUSINESS  PRINCIPALLY ENGAGED IN FARMING, AS SUCH TERM IS DEFINED
IN PARAGRAPH NINETEEN OF SUBDIVISION (B) OF SECTION ELEVEN  HUNDRED  ONE
OF  THIS  CHAPTER  SHALL  BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY
THIS ARTICLE FOR THE SALE OR RENT OF THEIR AGRICULTURAL LANDS TO A YOUNG
FARMER, AS DEFINED IN THIS SECTION. SUCH CREDIT SHALL BE TEN PERCENT  OF
THE PURCHASE PRICE OR RENTAL AMOUNT OF THE AGRICULTURAL LANDS.
  (B)  FOR  PURPOSES  OF  THIS  SUBDIVISION, "YOUNG FARMER" SHALL MEAN A
FARMER WHO HAS NOT PRODUCED AN AGRICULTURAL PRODUCT FOR  MORE  THAN  TEN
CONSECUTIVE  YEARS, WHERE AGRICULTURAL PRODUCT MEANS ANY AGRICULTURAL OR
AQUACULTURAL PRODUCT OF THE SOIL OR WATER, INCLUDING BUT NOT LIMITED  TO
FRUITS,  VEGETABLES, EGGS, DAIRY PRODUCTS, MEAT AND MEAT PRODUCTS, POUL-
TRY AND POULTRY PRODUCTS,  FISH  AND  FISH  PRODUCTS,  GRAIN  AND  GRAIN
PRODUCTS, HONEY, NUTS, PRESERVES, MAPLE SAP PRODUCTS, APPLE CIDER, FRUIT
JUICE, HORTICULTURAL SPECIALTIES, AND CHRISTMAS TREES AND WHO WILL MATE-
RIALLY  AND  SUBSTANTIALLY  PARTICIPATE IN THE PRODUCTION OF AN AGRICUL-
TURAL PROJECT.
  (C) PRIOR TO SALE, THE SELLER SHALL CONVEY TO THE DEPARTMENT OF  AGRI-
CULTURE  AND  MARKETS, AN EASEMENT, THE TERMS OF WHICH LIMIT DEVELOPMENT
OF THE LAND TO AGRICULTURAL BUSINESS, PRINCIPALLY FARMING, AS SUCH  TERM
IS  DEFINED  IN  PARAGRAPH NINETEEN OF SUBDIVISION (B) OF SECTION ELEVEN

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

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