senate Bill S2294

2013-2014 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

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee


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

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to investigations and government operations
Jan 15, 2013 referred to investigations and government operations

Co-Sponsors

S2294 - Details

See Assembly Version of this Bill:
A327
Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd ยงยง210 & 606, Tax L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S4962, A1399
2009-2010: A988

S2294 - 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.

S2294 - Sponsor Memo

S2294 - Bill Text download pdf

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

                                  2294

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            January 15, 2013
                               ___________

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.
                                                           LBD00198-01-3

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