senate Bill S3711

2019-2020 Legislative Session

Relates to enacting the "farmland and open space preservation act of 2019"

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Budget And Revenue 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, 2020 referred to budget and revenue
Feb 13, 2019 referred to budget and revenue

S3711 (ACTIVE) - Details

See Assembly Version of this Bill:
A5504
Law Section:
Tax Law
Laws Affected:
Amd §§951-a, 954 & 982, add §954-a, Tax L
Versions Introduced in 2017-2018 Legislative Session:
S4256, A5275

S3711 (ACTIVE) - Summary

Creates an estate tax benefit for farmland and conservation land where the use of the land is restricted to such purposes.

S3711 (ACTIVE) - Sponsor Memo

S3711 (ACTIVE) - Bill Text download pdf


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

    S. 3711                                                  A. 5504

                       2019-2020 Regular Sessions

                      S E N A T E - A S S E M B L Y

                            February 13, 2019
                               ___________

IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print-
  ed,  and  when  printed to be committed to the Committee on Budget and
  Revenue

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 2019".
  § 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.
                                                           LBD03251-01-9

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