assembly Bill A8452

2021-2022 Legislative Session

Provides a tax credit for sales or rentals of agricultural assets to beginning farmers; and establishes the duties of the commissioner of agriculture and markets with respect thereto

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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 (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 05, 2022 referred to ways and means
Nov 17, 2021 referred to ways and means

Co-Sponsors

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A8452 (ACTIVE) - Details

See Senate Version of this Bill:
S6078
Law Section:
Tax Law
Laws Affected:
Add §45, amd §§210-B & 606, Tax L; amd §16, Ag & Mkts L
Versions Introduced in 2023-2024 Legislative Session:
S1680

A8452 (ACTIVE) - Summary

Provides a tax credit for sales or rentals of agricultural assets to beginning farmers; requires the commissioner of agriculture and markets to implement a plan for certification of eligible taxpayers with respect thereto.

A8452 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8452
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             November 17, 2021
                                ___________
 
 Introduced  by M. of A. LUPARDO -- 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  for
   sales  or  rentals of agricultural assets to beginning farmers; and to
   amend the agriculture and markets law,  in  relation  to  establishing
   duties  of  the  commissioner  of agriculture and markets with respect
   thereto
 
   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 "New York
 farmland preservation act".
   § 2. The tax law is amended by adding a new  section  45  to  read  as
 follows:
   § 45. CREDIT FOR OWNERS OF AGRICULTURAL ASSETS. (A) GENERAL. A TAXPAY-
 ER  THAT  HAS  BEEN  CERTIFIED  BY  THE  COMMISSIONER OF AGRICULTURE AND
 MARKETS AS A CERTIFIED OWNER OF AGRICULTURAL ASSETS  SHALL  BE  ELIGIBLE
 FOR  A CREDIT AGAINST THE TAX IMPOSED UNDER ARTICLE NINE-A OR TWENTY-TWO
 OF THIS CHAPTER, PURSUANT TO THE PROVISIONS REFERENCED IN THIS SECTION.
   (B) DEFINITIONS. FOR PURPOSES OF THIS  SECTION,  THE  FOLLOWING  TERMS
 SHALL HAVE THE FOLLOWING MEANINGS:
   (1)  "AGRICULTURAL  ASSETS"  SHALL  MEAN AGRICULTURAL LAND, LIVESTOCK,
 FACILITIES, BUILDINGS, OR MACHINERY USED FOR FARMING.
   (2) "BEGINNING FARMER" MEANS A RESIDENT OF NEW YORK WHO:
   (I) IS SEEKING ENTRY, OR HAS ENTERED WITHIN THE LAST TEN  YEARS,  INTO
 FARMING;
   (II)  INTENDS  TO  FARM  LAND  LOCATED WITHIN THE STATE BORDERS OF NEW
 YORK;
   (III) IS NOT RELATED BY BLOOD OR MARRIAGE TO THE OWNER OF THE AGRICUL-
 TURAL ASSETS FROM WHOM THE BEGINNING FARMER IS SEEKING  TO  PURCHASE  OR
 RENT AGRICULTURAL ASSETS;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08317-03-1
 A. 8452                             2