NY A07205

Establishes a working farmland property tax credit allowing owners of agricultural assessment land in agricultural districts to claim credits for school district, town, and county property taxes paid on land with an executed covenant restricting use to agricultural purposes.

Limits the credit amount to taxes paid on the agricultural assessment value of the land as calculated under Agriculture and Markets Law sections 305 or 306, with unused credits carried forward to subsequent years or treated as overpayments without interest.

Imposes a credit recapture provision requiring owners who convert land to nonqualified use within eight years to repay 200 percent of previously claimed credits, except for involuntary conversions under Internal Revenue Code section 1033.

Requires counties seeking eligibility to adopt a county agricultural and farmland protection plan, apply to the Commissioner of Agriculture and Markets, and incorporate the plan into their comprehensive plan before the credit becomes effective.

Mandates that eligible counties execute eight-year renewable covenants with landowners restricting agricultural assessment land to agricultural uses, with record filing requirements and enforcement authority through court action including injunctions.