Loading chat...
NY A00988
Bill
Status
Introduced
1/7/2009
Primary Sponsor
James Bacalles
Click for details
AI Summary
- Expands eligibility for the agricultural property tax credit to include farmers with a leasehold interest of not fewer than five continuous years as a lessee of qualified agricultural property
- Allows eligible farmer-lessees to claim credits for school district property taxes paid on leased qualified agricultural land, subject to existing acreage and income limitations
- Applies to both corporations (under section 210 of the tax law) and individuals (under section 606 of the tax law) who meet the two-thirds farming income requirement
- Permits taxpayers to calculate income eligibility using a three-year average of federal gross income from farming (current year plus two preceding consecutive years)
- Takes effect immediately but applies to taxable years commencing on or after January 1, 2011
Legislative Description
An act to amend the tax law, in relation to the eligibility of farmers leasing land for the agricultural property tax credit
Last Action
held for consideration in ways and means
7/1/2010
Committee Referrals
Ways and Means1/7/2009
Full Bill Text
No bill text available