assembly Bill A5722

2021-2022 Legislative Session

Extends eligibility for the agricultural property tax credit to farmers having a leasehold interest of not fewer than five years in qualified agricultural property

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Sponsored By

Archive: Last Bill Status - In Assembly 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 (3)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 01, 2022 held for consideration in ways and means
Jan 05, 2022 referred to ways and means
Feb 24, 2021 referred to ways and means

Co-Sponsors

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Multi-Sponsors

A5722 (ACTIVE) - Details

See Senate Version of this Bill:
S8224
Law Section:
Tax Law
Laws Affected:
Amd §§210-B & 606, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A988
2011-2012: A1399
2013-2014: A327
2015-2016: A3358
2017-2018: A1558
2019-2020: A1702
2023-2024: A2040

A5722 (ACTIVE) - Summary

Extends eligibility for the agricultural property tax credit to farmers having a leasehold interest of not fewer than five continuous years in qualified agricultural property.

A5722 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5722
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 24, 2021
                                ___________
 
 Introduced  by M. of A. HAWLEY, McDONOUGH, PALMESANO, DiPIETRO, MORINEL-
   LO, ASHBY, SALKA, NORRIS -- Multi-Sponsored 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 the eligibility of farmers
   leasing land for the agricultural property tax credit

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Paragraphs (a) and (b) of subdivision 11 of section 210-B
 of the tax law, as added by section 17 of part A of chapter  59  of  the
 laws of 2014, are amended to read as follows:
   (a)  General.  In  the  case of a taxpayer which is an eligible farmer
 [or], an eligible farmer [who] WHICH has paid taxes pursuant to  a  land
 contract  OR  AN  ELIGIBLE  FARMER WHICH HAS A LEASEHOLD INTEREST OF NOT
 FEWER THAN FIVE CONTINUOUS YEARS AS A LESSEE OF  QUALIFIED  AGRICULTURAL
 PROPERTY,  there  shall  be  allowed  a  credit for the allowable school
 district property taxes. The term "allowable  school  district  property
 taxes"  means the school district property taxes paid during the taxable
 year on qualified agricultural property, subject to the acreage  limita-
 tion  provided in paragraph (e) of this subdivision and the income limi-
 tation provided in paragraph (f) of this subdivision.
   (b) Eligible farmer.  For  purposes  of  this  subdivision,  the  term
 "eligible farmer" means a taxpayer whose federal gross income from farm-
 ing  for the taxable year is at least two-thirds of excess federal gross
 income. The term "eligible farmer" also  includes  a  corporation  other
 than  the  taxpayer  of record for qualified agricultural land which has
 paid the school district property taxes on such  land  OR  WHICH  HAS  A
 LEASEHOLD  INTEREST  OF NOT FEWER THAN FIVE CONTINUOUS YEARS AS A LESSEE
 OF SUCH LAND pursuant to a contract for  the  future  purchase  of  such
 land;  provided  that  such  corporation has a federal gross income from
 farming for the taxable year which is  at  least  two-thirds  of  excess
 federal  gross  income;  and  provided further that, in determining such
 income eligibility, a taxpayer may, for any taxable year, use the  aver-
 age  of such federal gross income from farming for that taxable year and
 such income for the two consecutive taxable years immediately  preceding