Assembly Bill A4388B

2017-2018 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 Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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Bill Amendments

co-Sponsors

multi-Sponsors

2017-A4388 - Details

See Senate Version of this Bill:
S1438
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §§210-B & 606, Tax L
Versions Introduced in Other Legislative Sessions:
2013-2014: A9290, S6882
2015-2016: A1558, S1798

2017-A4388 - Summary

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

2017-A4388 - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4388
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 2, 2017
                                ___________
 
 Introduced  by  M.  of  A.  MAGEE, CROUCH, FINCH, GUNTHER, HAWLEY, OTIS,
   ROSENTHAL,  JENNE,  SKOUFIS,  STIRPE,  BARCLAY,  JAFFEE,   MAGNARELLI,
   SEPULVEDA,  PEOPLES-STOKES,  TITONE, DiPIETRO -- Multi-Sponsored by --
   M. of A. BUTLER,  COOK,  GOTTFRIED,  LUPARDO,  LUPINACCI,  McLAUGHLIN,
   PALMESANO, SIMANOWITZ, THIELE -- read once and referred to the Commit-
   tee 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-B  of the tax law is amended by adding a new
 subdivision 52 to read as follows:
   52. 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.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07443-01-7

co-Sponsors

multi-Sponsors

2017-A4388A - Details

See Senate Version of this Bill:
S1438
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §§210-B & 606, Tax L
Versions Introduced in Other Legislative Sessions:
2013-2014: A9290, S6882
2015-2016: A1558, S1798

2017-A4388A - Summary

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

2017-A4388A - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  4388--A
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 2, 2017
                                ___________
 
 Introduced  by  M.  of  A.  MAGEE, CROUCH, FINCH, GUNTHER, HAWLEY, OTIS,
   ROSENTHAL,  JENNE,  SKOUFIS,  STIRPE,  BARCLAY,  JAFFEE,   MAGNARELLI,
   SEPULVEDA,  PEOPLES-STOKES,  TITONE, DiPIETRO -- Multi-Sponsored by --
   M. of A. BUTLER,  COOK,  GOTTFRIED,  LUPARDO,  LUPINACCI,  McLAUGHLIN,
   PALMESANO, SIMANOWITZ, THIELE -- read once and referred to the Commit-
   tee  on  Ways and Means -- committee discharged, bill amended, ordered
   reprinted as amended and recommitted to said committee
 
 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-B of the tax law is amended  by  adding  a  new
 subdivision 53 to read as follows:
   53.  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; PROVIDED,
 HOWEVER,  THAT  SUCH PRICE SHALL NOT EXCEED THE FAIR MARKET VALUE OF THE
 REAL PROPERTY. A TAXPAYER WHO SELLS OR RENTS THEIR AGRICULTURAL LAND  TO
 A RELATIVE SHALL BE ELIGIBLE FOR THE CREDIT ESTABLISHED IN THIS SECTION.
   (B)  FOR  PURPOSES  OF  THIS  SUBDIVISION, "YOUNG FARMER" SHALL MEAN A
 FARMER WHO IS AT LEAST EIGHTEEN YEARS OLD AND WHO HAS  NOT  PRODUCED  AN
 AGRICULTURAL PRODUCT FOR MORE THAN TEN CONSECUTIVE YEARS, WHERE AGRICUL-
 TURAL 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, POULTRY AND POULTRY PRODUCTS, FISH AND
 FISH PRODUCTS, GRAIN AND GRAIN PRODUCTS, HONEY, NUTS,  PRESERVES,  MAPLE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

co-Sponsors

multi-Sponsors

2017-A4388B (ACTIVE) - Details

See Senate Version of this Bill:
S1438
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §§210-B & 606, Tax L
Versions Introduced in Other Legislative Sessions:
2013-2014: A9290, S6882
2015-2016: A1558, S1798

2017-A4388B (ACTIVE) - Summary

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

2017-A4388B (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  4388--B
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 2, 2017
                                ___________
 
 Introduced  by  M.  of  A.  MAGEE, CROUCH, FINCH, GUNTHER, HAWLEY, OTIS,
   L. ROSENTHAL, JENNE, SKOUFIS,  STIRPE,  BARCLAY,  JAFFEE,  MAGNARELLI,
   SEPULVEDA,  PEOPLES-STOKES,  TITONE, DiPIETRO -- Multi-Sponsored by --
   M. of A.  BUTLER, COOK, GOTTFRIED, LUPARDO, PALMESANO, THIELE --  read
   once  and  referred  to  the  Committee on Ways and Means -- committee
   discharged, bill amended, ordered reprinted as amended and recommitted
   to said committee -- recommitted to the Committee on Ways and Means in
   accordance with Assembly Rule 3, sec. 2 -- committee discharged,  bill
   amended,  ordered reprinted as amended and recommitted to said commit-
   tee
 
 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-B of the tax law is amended  by  adding  a  new
 subdivision 53 to read as follows:
   53.  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; PROVIDED,
 HOWEVER,  THAT  SUCH PRICE SHALL NOT EXCEED THE FAIR MARKET VALUE OF THE
 REAL PROPERTY. A TAXPAYER WHO SELLS OR RENTS THEIR AGRICULTURAL LAND  TO
 A RELATIVE SHALL BE ELIGIBLE FOR THE CREDIT ESTABLISHED IN THIS SECTION.
   (B)  FOR  PURPOSES  OF  THIS  SUBDIVISION, "YOUNG FARMER" SHALL MEAN A
 FARMER WHO IS AT LEAST EIGHTEEN YEARS OLD AND WHO HAS  NOT  PRODUCED  AN
 AGRICULTURAL PRODUCT FOR MORE THAN TEN CONSECUTIVE YEARS, WHERE AGRICUL-
 TURAL PRODUCT MEANS ANY AGRICULTURAL OR AQUACULTURAL PRODUCT OF THE SOIL
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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