senate Bill S4773A

2021-2022 Legislative Session

Amends the definition of eligible farmer for purposes of the agricultural property tax credit

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 (5)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 05, 2022 referred to budget and revenue
May 19, 2021 reported and committed to finance
May 06, 2021 print number 4773a
May 06, 2021 amend and recommit to budget and revenue
Feb 11, 2021 referred to budget and revenue

Votes

view votes

May 18, 2021 - Budget and Revenue committee Vote

S4773A
6
0
committee
6
Aye
0
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Budget and Revenue committee vote details

Budget and Revenue Committee Vote: May 18, 2021

aye wr (1)

S4773 - Details

See Assembly Version of this Bill:
A6385
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §§210-B & 606, Tax L

S4773 - Summary

Amends the definition of eligible farmer for purposes of the agricultural property tax credit.

S4773 - Sponsor Memo

S4773 - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4773
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             February 11, 2021
                                ___________
 
 Introduced  by  Sen. HINCHEY -- read twice and ordered printed, and when
   printed to be committed to the Committee on Budget and Revenue
 
 AN ACT to amend the tax law, in relation to the definition  of  eligible
   farmer for purposes of 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.  Paragraph (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, is amended to read as follows:
   (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  pursuant  to  a
 contract for the future purchase of such land; provided that such corpo-
 ration  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 taxpay-
 er  may,  for  any  taxable  year, use the average of such federal gross
 income from farming for that taxable year and such income  for  the  two
 consecutive  taxable  years  immediately  preceding  such  taxable year.
 Excess federal gross income means the amount  of  federal  gross  income
 from  all sources for the taxable year in excess of [thirty] FIFTY thou-
 sand dollars. For the purposes of  this  paragraph,  payments  from  the
 state's  farmland  protection program, administered by the department of
 agriculture and markets, shall be included as federal gross income  from
 farming for otherwise eligible farmers.
   § 2.  This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09695-02-1

Co-Sponsors

S4773A (ACTIVE) - Details

See Assembly Version of this Bill:
A6385
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §§210-B & 606, Tax L

S4773A (ACTIVE) - Summary

Amends the definition of eligible farmer for purposes of the agricultural property tax credit.

S4773A (ACTIVE) - Sponsor Memo

S4773A (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  4773--A
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             February 11, 2021
                                ___________
 
 Introduced  by  Sen. HINCHEY -- read twice and ordered printed, and when
   printed to be committed to the Committee  on  Budget  and  Revenue  --
   committee  discharged,  bill amended, ordered reprinted as amended and
   recommitted to said committee
 
 AN ACT to amend the tax law, in relation to the definition  of  eligible
   farmer for purposes of 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.  Paragraph (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, is amended to read as follows:
   (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  pursuant  to  a
 contract for the future purchase of such land; provided that such corpo-
 ration  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 taxpay-
 er  may,  for  any  taxable  year, use the average of such federal gross
 income from farming for that taxable year and such income  for  the  two
 consecutive  taxable  years  immediately  preceding  such  taxable year.
 Excess federal gross income means the amount  of  federal  gross  income
 from  all sources for the taxable year in excess of [thirty] FIFTY thou-
 sand dollars. For the purposes of  this  paragraph,  payments  from  the
 state's  farmland  protection program, administered by the department of
 agriculture and markets, shall be included as federal gross income  from
 farming for otherwise eligible farmers.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09695-03-1

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