NY A03358

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 five-year leasehold requirement to both the school district property tax credit under Tax Law Section 210-B and the income tax credit under Tax Law Section 606.

Requires eligible farmer-lessees to meet the same federal gross income requirements as other eligible farmers, with income determined as at least two-thirds of excess federal gross income.

Directs the commissioner of taxation and finance to promulgate rules and regulations necessary to implement the provisions.

Takes effect immediately and applies to taxable years commencing on or after January 1, 2017.