Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 03, 2018 |
referred to investigations and government operations |
Feb 07, 2017 |
referred to investigations and government operations |
Senate Bill S4256
2017-2018 Legislative Session
Sponsored By
(R) Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2017-S4256 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A5275
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §§951-a, 954 & 982, add §954-a, Tax L
- Versions Introduced in 2019-2020 Legislative Session:
-
S3711, A5504
2017-S4256 (ACTIVE) - Sponsor Memo
BILL NUMBER: S4256 TITLE OF BILL : An act to amend the tax law, in relation to granting an exclusion from transfer taxes for certain farmland and land of conservation value PURPOSE : The proposed bill is intended to provide the owners and successors of interest with a way to keep farmland and land of conservation value intact. SUMMARY OF PROVISIONS : Amends various provisions of the Tax Law relating to the "Farmland and Open Space Preservation Act of 2017" JUSTIFICATION : Federal and state estate tax policy has been one of the most significant causes of the loss of farmland and natural lands in New York State. The costs associated with maintaining farmland, especially in areas of highly appreciated or valued land of conservation value, has resulted in the selling and conversion to residential and commercial development. This legislation is necessary in order to provide the owners and successors of interest with a way to keep
2017-S4256 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ S. 4256 A. 5275 2017-2018 Regular Sessions S E N A T E - A S S E M B L Y February 7, 2017 ___________ IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print- ed, and when printed to be committed to the Committee on Investi- gations and Government Operations IN ASSEMBLY -- Introduced by M. of A. THIELE -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to granting an exclusion from transfer taxes for certain farmland and land of conservation value THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. This act shall be known and may be cited as the "farmland and open space preservation act of 2017". § 2. Section 951-a of the tax law is amended by adding two new subsections (g) and (h) to read to follows: (G) THE TERM "FARM OPERATION" SHALL HAVE THE SAME MEANING AS DEFINED IN SUBDIVISION ELEVEN OF SECTION THREE HUNDRED ONE OF THE AGRICULTURE AND MARKETS LAW. (H) THE TERM "CONSERVATION EASEMENT" SHALL MEAN AN EASEMENT, COVENANT, RESTRICTION, OR OTHER INTEREST IN REAL PROPERTY ACQUIRED FOR THE PRESER- VATION OF AGRICULTURAL LANDS USED IN BONA FIDE AGRICULTURAL PRODUCTION, PURSUANT TO SECTION TWO HUNDRED FORTY-SEVEN OF THE GENERAL MUNICIPAL LAW. § 3. Subsection (a) of section 954 of the tax law, as amended by section 3 of part X of chapter 59 of the laws of 2014, paragraph 3 as amended by section 2 of part BB of chapter 59 of the laws of 2015, is amended to read as follows: (a) General.-- The New York gross estate of a deceased resident means his or her federal gross estate as defined in the internal revenue code (whether or not a federal estate tax return is required to be filed) modified as follows: EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD07702-01-7
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.