senate Bill S8224

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

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 (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Feb 03, 2022 referred to budget and revenue

S8224 (ACTIVE) - Details

See Assembly Version of this Bill:
A5722
Current Committee:
Senate Budget And Revenue
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

S8224 (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.

S8224 (ACTIVE) - Sponsor Memo

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.

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