|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Feb 03, 2022||referred to budget and revenue|
senate Bill S8224
Current Bill Status - In Senate Committee Budget And Revenue Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S8224 (ACTIVE) - Details
S8224 (ACTIVE) - Sponsor Memo
BILL NUMBER: S8224 SPONSOR: RATH TITLE OF BILL: An act to amend the tax law, in relation to the eligibility of farmers leasing land for the agricultural property tax credit PURPOSE OR GENERAL IDEA OF BILL:: This bill extends eligibility for the agricultural property tax credit to farmers having a leasehold interest of not fewer than five years in qualified agricultural property. SUMMARY OF SPECIFIC PROVISIONS:: Section 1 defines farmers claiming the credit against the Corporate Franchise Tax as those who lease land for at least five continuous years. Section 2 defines farmers claiming the credit against the Personal Income Tax as those who lease land for at least five continuous years.
S8224 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8224 I N S E N A T E February 3, 2022 ___________ Introduced by Sen. RATH -- 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 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 such taxable year. Excess federal gross income means the amount of EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.