senate Bill S6882

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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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

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Mar 25, 2014 referred to investigations and government operations

Co-Sponsors

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S6882 - Details

Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd ยงยง210 & 606, Tax L

S6882 - Summary

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

S6882 - Sponsor Memo

S6882 - Bill Text download pdf

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

                                  6882

                            I N  S E N A T E

                             March 25, 2014
                               ___________

Introduced  by Sens. RITCHIE, BALL, BONACIC, DeFRANCISCO, FARLEY, GALLI-
  VAN, GRIFFO, GRISANTI, LARKIN,  LAVALLE,  LIBOUS,  LITTLE,  MARCHIONE,
  MAZIARZ, NOZZOLIO, O'MARA, RANZENHOFER, ROBACH, SEWARD, VALESKY, YOUNG
  -- read twice and ordered printed, and when printed to be committed to
  the Committee on Investigations and Government Operations

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 48 to read as follows:
  48. 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.
                                                           LBD13527-06-4

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