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NY A01399
Bill
Status
1/5/2011
Primary Sponsor
Stephen Hawley
Click for details
AI Summary
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Expands agricultural property tax credit eligibility to include farmers with a leasehold interest of at least five continuous years in qualified agricultural property, in addition to owner-farmers and those with land contracts.
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Applies the leasehold eligibility expansion to both the school district property tax credit under Tax Law Section 210 and the income tax credit under Tax Law Section 606.
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Requires eligible farmer lessees to meet the same federal gross income requirement (at least two-thirds of excess federal gross income) as other eligible farmers.
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Effective immediately with retroactive application to taxable years beginning on or after January 1, 2013.
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Directs the Commissioner of Taxation and Finance to promulgate rules and regulations necessary to implement the act.
Legislative Description
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; provides for retroactive application in certain cases.
Last Action
held for consideration in ways and means
6/19/2012