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NY S07170
Bill
Status
6/16/2016
Primary Sponsor
Patricia Ritchie
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AI Summary
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Amends the definition of "school district property taxes" under Tax Law Section 606(n)(3) to include property taxes on qualified agricultural property owned by the taxpayer, family members with a written purchase agreement, or a trust for which the taxpayer is a beneficiary.
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Expands eligibility for property tax credits to cover agricultural land owned in trust where the taxpayer is designated as a beneficiary, in addition to existing ownership categories.
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Changes the conjunction from "or" to a comma structure to clarify that multiple ownership categories (individual, familial, or trust-based) qualify for the agricultural property tax credit.
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Takes effect immediately upon enactment.
Legislative Description
Relates to property tax credits for farmers; adds property owned in trust to which a taxpayer is a beneficiary to qualified agricultural property.
Last Action
referred to ways and means
6/16/2016