Senate Bill S7287

Signed By Governor
2017-2018 Legislative Session

Relates to property tax credits for farmers

download bill text pdf

Sponsored By

Archive: Last Bill Status - Signed by Governor


  • 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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2017-S7287 (ACTIVE) - Details

See Assembly Version of this Bill:
A9038
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L; amd §2, Chap of 2017 (as proposed in S. 2889 and A. 4650)

2017-S7287 (ACTIVE) - Summary

Expands property tax credits for farmers to include a trustee or a trust established by the taxpayer and rented to a member of the taxpayer's immediate family where, under the terms of the trust, the title to the property shall pass to such family member upon the death of the taxpayer.

2017-S7287 (ACTIVE) - Sponsor Memo

2017-S7287 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7287
 
                             I N  S E N A T E
 
                              January 5, 2018
                                ___________
 
 Introduced  by  Sen. RITCHIE -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 AN ACT to amend the tax law and a chapter of the laws of 2017,  amending
   the  tax law relating to property tax credits for farmers, as proposed
   in legislative bills numbers S. 2899 and A. 4650, in relation to prop-
   erty tax credits for farmers

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Paragraph  3  of subsection (n) of section 606 of the tax
 law, as amended by a chapter of the laws of 2017, amending the  tax  law
 relating to property tax credits for farmers, as proposed in legislative
 bills numbers S. 2899 and A. 4650, is amended to read as follows:
   (3)  School  district property taxes. For purposes of this subsection,
 the term "school district property  taxes"  means  all  property  taxes,
 special  ad  valorem levies and special assessments, exclusive of penal-
 ties and interest, levied for school district purposes on the  qualified
 agricultural  property  (A)  owned  by  the  taxpayer,  (B) owned by the
 father, mother, grandfather,  grandmother,  brother  or  sister  of  the
 taxpayer  and  a  written  agreement  expressing  intent  to  eventually
 purchase the land has been entered into,  or  (C)  owned  by  trust  [to
 which]  WHERE the taxpayer is [a beneficiary] AN IMMEDIATE FAMILY MEMBER
 OF THE SETTLOR, AND WHERE UNDER THE TERMS OF THE TRUST THE TITLE TO  THE
 PROPERTY SHALL PASS TO SUCH TAXPAYER UPON THE DEATH OF THE SETTLOR.
   §  2. Section 2 of a chapter of the laws of 2017, amending the tax law
 relating to property tax credits for farmers, as proposed in legislative
 bills numbers S. 2899 and A. 4650, is amended to read as follows:
   § 2. This act shall take effect immediately AND SHALL APPLY TO TAXABLE
 YEARS BEGINNING ON OR AFTER JANUARY 1, 2018.
   § 3. This act shall take effect immediately, provided that section one
 of this act shall take effect on the same date and in the same manner as
 a chapter of the laws of 2017, amending the tax law relating to property
 tax credits for farmers, as proposed in  legislative  bills  numbers  S.
 2899 and A. 4650, takes effect.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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