NY A00327

Expands eligibility for the agricultural property tax credit to include farmers with a leasehold interest of at least five continuous years in qualified agricultural property, in addition to owner-operators and land contract purchasers.

Applies the leasehold eligibility provision to both the school district property tax credit under Tax Law Section 210 and the income tax credit under Tax Law Section 606.

Requires that farmers claiming the credit through a leasehold arrangement must meet the existing income requirement of deriving at least two-thirds of their federal gross income from farming activities.

Authorizes the Commissioner of Taxation and Finance to promulgate rules and regulations needed to implement the act's provisions.

Takes effect immediately and applies to taxable years beginning on or after January 1, 2015.